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 1997

159   Subsection 995-1(1)

Insert:

principal class of shares in a company means:

(a) those ordinary or common shares of the company that represent the majority of the voting power and value of the company; or

(b) if no single class of ordinary or common shares represents the majority of the voting power and value of the company - those classes of ordinary or common shares that represent the majority of the voting power and value of the company.