Income Tax Assessment Act 1997
SECTION 165-180 Arrangements affecting beneficial ownership of shares 165-180(1)
For the purposes of a test, the Commissioner may treat a person as not having beneficially owned particular *shares at a particular time if the conditions in subsections (2) and (3) are met.
Example:
The Commissioner may treat a person as not having beneficially owned redeemable shares at a particular time if the conditions in subsections (2) and (3) are met in respect of those shares.
165-180(2)
An *arrangement must have been entered into at some time that in any way (directly or indirectly) related to, affected, or depended for its operation on:
(a) the beneficial interest in the *shares, or the value of that beneficial interest; or
(b) a right carried by, or relating to, the shares; or
(c) the exercise of such a right.
165-180(3)
The *arrangement must also have been entered into for the purpose, or for purposes including the purpose, of eliminating or reducing a liability of an entity to pay income tax for a *financial year.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.