Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-5
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CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS
Division 165
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Income tax consequences of changing ownership or control of a company
Subdivision 165-D
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Tests for finding out whether the company has maintained the same owners
Rules affecting the operation of the tests
SECTION 165-202 Shares held by government entities and charities etc. 165-202(1)
For the purposes of a test, *shares that are beneficially owned by each of the following entities are taken to be beneficially owned instead by a person (who is not a company):
(a) the Commonwealth, a State or a Territory;
(b) a municipal corporation;
(c) a *local governing body;
(d) the government of a foreign country, or of part of a foreign country;
(e) a company, established under a law, in which no person has a *membership interest;
(f) a *non-profit company;
(g) a charity that is not a trust;
(h) a *complying superannuation fund;
(i) a superannuation fund that is established in a foreign country and is regulated under a *foreign law;
(j) a *complying approved deposit fund;
(k) a *special company;
(l) a *managed investment scheme.
165-202(2)
For the purposes of a test, *shares that are beneficially owned through a charity that is a trust are taken to be beneficially owned instead by a person (who is neither a company nor a trustee).
SECTION 165-202 Shares held by government entities and charities etc. 165-202(1)
For the purposes of a test, *shares that are beneficially owned by each of the following entities are taken to be beneficially owned instead by a person (who is not a company):
(a) the Commonwealth, a State or a Territory;
(b) a municipal corporation;
(c) a *local governing body;
(d) the government of a foreign country, or of part of a foreign country;
(e) a company, established under a law, in which no person has a *membership interest;
(f) a *non-profit company;
(g) a charity that is not a trust;
(h) a *complying superannuation fund;
(i) a superannuation fund that is established in a foreign country and is regulated under a *foreign law;
(j) a *complying approved deposit fund;
(k) a *special company;
(l) a *managed investment scheme.
View history note
Hide history note165-202(2)
For the purposes of a test, *shares that are beneficially owned through a charity that is a trust are taken to be beneficially owned instead by a person (who is neither a company nor a trustee).
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