Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Act 2005 (147 of 2005)
Schedule 1 Loss recoupment rules for companies etc.
Income Tax Assessment Act 1936
1 After subsection 80B(8)
Insert:
(8A) A person is not prevented from:
(a) beneficially owning shares in a company; or
(b) having the right to exercise voting power in a company; or
(c) having the right to receive any dividends that may be paid by a company; or
(d) having the right to receive any distribution of capital of a company;
merely because:
(e) the company is or becomes:
(i) an externally-administered body corporate within the meaning of the Corporations Law (as set out in section 82 of the Corporations Act 1989); or
(ii) a body with a similar status, under the Companies Code of the relevant State or a foreign law, to an externally-administered body corporate; or
(f) either:
(i) a provisional liquidator is appointed to the company under section 472 of the Corporations Law (as set out in section 82 of the Corporations Act 1989); or
(ii) a person with a similar status, under the Companies Code of the relevant State or a foreign law, to a provisional liquidator is appointed to the company.
(8B) A company (the stakeholding company ) is not prevented from:
(a) beneficially owning shares, or any other interests in shares, in another company; or
(b) having the right to exercise voting power in another company either directly or indirectly; or
(c) having the right to receive, either directly or indirectly, any dividends that may be paid by another company; or
(d) having the right to receive, either directly or indirectly, any distribution of capital of another company;
merely because:
(e) the stakeholding company is or becomes:
(i) an externally-administered body corporate within the meaning of the Corporations Law (as set out in section 82 of the Corporations Act 1989); or
(ii) a body with a similar status, under the Companies Code of the relevant State or a foreign law, to an externally-administered body corporate; or
(f) either:
(i) a provisional liquidator is appointed to the stakeholding company under section 472 of the Corporations Law (as set out in section 82 of the Corporations Act 1989); or
(ii) a person with a similar status, under the Companies Code of the relevant State or a foreign law, to a provisional liquidator is appointed to the stakeholding company.