INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
In this Division, unless the contrary intention appears:
"consideration"
, in relation to the disposal of the first asset, means consideration worked out as if subsection
160ZD(2)
had not been enacted;
"eligible debt interest"
, in relation to a company, means:
(a) a loan to the company; or
(b) an underlying interest in a loan to the company;
"eligible equity interest"
, in relation to a company, means:
(a) a share in the company; or
(b) an underlying interest in a share in the company;
"first asset"
has the meaning given by section
160ZZRD
;
"first asset disposal time"
has the meaning given by section
160ZZRD
;
indexed threshold amount
has the meaning given by subsection
160ZZRE(1B)
.
"non-finance shares"
means shares other than shares where, having regard to:
(a) the manner in which the amount of dividends in respect of the share is to be calculated; and
(b) the conditions applicable to the payment of dividends in respect of the share; and
(c) any other relevant matters;
the payment of dividends in respect of the share may reasonably be regarded as equivalent to the payment of interest on a loan;
original cost
, of an asset to a taxpayer, means the consideration for the last acquisition of the asset by the taxpayer.
"subsidiary"
has the same meaning as in section
160G
;
"total underlying share interests"
, in relation to particular shares in a company, means all of the beneficial interests held by natural persons (whether directly or through one or more interposed companies or trusts) in the shares;
"transferee"
has the meaning given by section
160ZZRD
;
"transferor"
has the meaning given by section
160ZZRD
;
"under common ownership"
has the meaning given by section
160ZZRB
;
"underlying interest"
has the meaning given by section
160ZZRC
.
written down value
, for an asset of a taxpayer at a particular time, means the greater of:
(a) the depreciated value of that asset at that time as recorded in the books of the taxpayer; and
(b) the depreciated value of the asset, within the meaning of section 62 of this Act, or the written down value of the asset under Division 42 of the Income Tax Assessment Act 1997 , at that time.
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