INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 20 - Changes in majority underlying interests in assets  

Subdivision C - Provisions applying to public entities  

SECTION 160ZZSD   IF NO CONTINUITY OF MAJORITY UNDERLYING INTERESTS AT LATER TEST TIME  

160ZZSD(1)   Time of, and consideration for, acquisition of asset.  

If a determination by a public entity under subsection 160ZZSA(2) in relation to a later test time shows that majority underlying interests in an asset of the entity at that test time were not held by natural persons who held majority underlying interests in the asset at the base time, the asset is taken for the purposes of this Part:

(a) to have been acquired by the entity at the later test time; and

(b) to have been so acquired for a consideration equal to the market value of the asset at that time.

160ZZSD(2)   Commissioner may accept that the same natural persons held majority underlying interests in an asset at the base time and the later test time.  

A determination referred to in subsection (1) is taken not to show that majority underlying interests in an asset of a public entity at a later test time were not held by natural persons who held majority underlying interests in the asset at the base time if the Commissioner is satisfied, or considers it reasonable to assume, that majority underlying interests in the asset at that test time were held by natural persons who held majority underlying interests in the asset at the base time.