Income Tax Assessment Act 1936

Pt VIIA repealed by No 114 of 2009, s 3 and Sch 1 item 7, effective 1 March 2010.

Pt VIIA originally inserted by No 10 of 1943.

Div 1 repealed by No 114 of 2009, s 3 and Sch 1 item 7, effective 1 March 2010.

Div 1 heading inserted by No 78 of 1988.

S 251BA repealed by No 114 of 2009, s 3 and Sch 1 item 7, effective 1 March 2010. S 251BA formerly read:

SECTION 251BA COMPANIES IN WHICH QUALIFIED DIRECTORS HAVE A SUBSTANTIAL INTEREST  
251BA(1)
For the purposes of this Part, a company shall be taken to be a company in which qualified directors have a substantial interest if:

(a) shares in the company carrying between them the right to exercise not less than 25 per cent of the voting power in the company are beneficially owned by a director who, or by directors each of whom, is a fit and proper person to prepare income tax returns and transact business on behalf of taxpayers in income tax matters; and

(b) the voting power in the company, to the extent to which it relates to those shares, is not controlled, or capable of being controlled, by a person or persons other than the director or directors concerned.

251BA(2)
A reference in subsection (1) to control of the voting power in a company is a reference to control that is direct or indirect and includes a reference to control that is exercisable as a result or by means of arrangements or practices:

(a) whether or not having legal or equitable force; and

(b) whether or not based on legal or equitable rights.

S 251BA inserted by No 78 of 1988.