Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-G - Membership of entities  

SECTION 960-130   Members of entities  

960-130(1)    

The following table sets out who is a member of various entities.

Graphic

Graphic

Members
Item	Entity	Member
1	company	a member of the company or a stockholder in the company
2	partnership	a partner in the partnership
3	trust (except a *public trading trust)	a beneficiary, unitholder or object of the trust
4	(Repealed by No 53 of 2016)
5	*public trading trust	a unitholder of the trust

960-130(2)    
If 2 or more entities jointly hold interests or rights that give rise to membership of another entity, each of them is a member of the other entity.

960-130(3)    
An entity is not a member of another entity just because the entity holds one or more interests or rights relating to the other entity that are *debt interests. This subsection has effect despite subsections (1) and (2) of this section.

Example:

An entity is not a member of a company as defined in this section merely because it is a member of the company in the ordinary sense of the term because it holds a finance share in the company, if the finance share is a debt interest. However, if the entity holds other shares in the company that are not debt interests, it will be a member because of those other shares.