INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 19A - Transfers of assets between companies under common ownership  

Subdivision A - Outline and interpretation  

SECTION 160ZZRB  

160ZZRB   WHEN COMPANIES UNDER COMMON OWNERSHIP  
For the purposes of this Division, a company (in this section called the ``first company'' ) and another company (in this section called the ``second company'' ) are under common ownership at a particular time if, and only if:

(a) the first company was related to the second company at that time; or

(b) at that time:

(i) the total underlying share interests in the non-finance shares in the first company were held by natural persons who, at that time, held the total underlying share interests in the non-finance shares in the second company; and

(ii) the proportion of the total underlying share interests in the non-finance shares in the first company held by each natural person was the same as the proportion of the total underlying share interests in the non-finance shares in the second company held by that person.