Income Tax (Transitional Provisions) Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-E - Entities  

SECTION 960-110  

960-110   No taxation consequences to result from changes to managed investment scheme  

Despite the changes made as mentioned in subsection 960-105(1) to the managed investment scheme constituted by an entity to which this Subdivision applies:

(a) the entity is taken, immediately after the changes were made or, if the changes were made at different times, immediately after the last of the changes was made, to be the same entity as existed immediately before the changes were made or, if the changes were made at different times, immediately before the first of the changes was made; and

(b) the legal ownership of the assets of the entity is taken not to have altered as a result of the changes; and

(c) the beneficial ownership of the interests in the entity of a member of the entity to whom, because of a particular change, this Subdivision applies in relation to those interests is taken not to have altered as a result of the change; and

(d) without limiting by implication any other effect of the above paragraphs:

(i) the changes are taken not to have resulted in a CGT event in respect of the entity; and

(ii) in so far as this Subdivision applies to a member of the entity because of a particular change, the change is taken not to have resulted in a CGT event in respect of the member in relation to the member's interests in the entity.