Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 768 - Foreign non-assessable income and gains  

Subdivision 768-G - Reduction in capital gains and losses arising from CGT events in relation to certain voting interests in active foreign companies  

Voting percentages in a company

SECTION 768-550   Direct voting percentage in a company  

768-550(1)    
An entity ' s direct voting percentage at a particular time in a company is:


(a) if the entity has a voting interest (within the meaning of section 334A of the Income Tax Assessment Act 1936 ) in the foreign company at that time amounting to a percentage of the voting power of the company - that percentage; or


(b) otherwise - zero.


768-550(2)    


In applying section 334A of the Income Tax Assessment Act 1936 for the purposes of subsection (1) of this section, assume that:


(a) the entity is a company; and


(b) the entity is not the beneficial owner of a *share in the company if a trust or partnership is interposed between the entity and the company.



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