Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS

Division 167 - Companies whose shares carry unequal rights to dividends, capital distributions or voting power

History

Div 167 inserted by No 130 of 2015, s 3 and Sch 4 item 1, effective 17 September 2015. No 130 of 2015, s 3 and Sch 4 item 53 contains the following application provision:

167-1 Application of provisions
167-1(1)
Division 167 of the Income Tax Assessment Act 1997 applies:

(a) to any tax loss that is incurred in an income year commencing on or after 1 July 2002; and

(b) to any net capital loss that is made in an income year commencing on or after 1 July 2002; and

(c) to any deduction in respect of a bad debt that is claimed in an income year commencing on or after 1 July 2002; and

(d) in determining whether any changeover time or alteration time occurred on or after 1 July 2002.

167-1(2)
Division 167 of the Income Tax Assessment Act 1997 also applies:

(a) to any tax loss of a company:

(i) that is incurred in an income year commencing on or before 30 June 2002; and

(ii) that could have been deducted, in accordance with Divisions 165 and 166 of that Act as in force at that time, in the first income year commencing after 30 June 2002 if the deduction had not been limited by the company ' s income for that income year; and

(b) to any net capital loss of a company:

(i) that is made in an income year commencing on or before 30 June 2002; and

(ii) that could have been applied, in accordance with Divisions 165 and 166 of that Act as in force at that time, in the first income year commencing after 30 June 2002 if the application of the loss had not been limited by the company ' s capital gains for that income year.

Subdivision 167-B - Voting power

View history reference

View history note

Operative provisions

SECTION 167-80 When this Subdivision applies

View history reference

167-80(1)
For the purposes of this Part, voting power in a company at one or more times can be worked out under section 167-85 if:

(a) the company ' s *shares do not all, at those times, carry the same voting rights for all matters affecting the company; or

(b) the company ' s shares do not carry all of the voting rights in the company;

whether this is because of the company ' s *constitution, an *arrangement or some other reason.

Note:

Disregard dual listed company voting shares (see section 167-90 ).

167-80(2)
Further, if those times are consecutive times during a period, the voting power in the company can be worked out under section 167-85 as if that period consists only of:

(a) the time that period starts; and

(b) each later time (if any) during that period when there is a change in the maximum number of votes any entity could cast on a poll described in paragraph 167-85(1)(a) or (b).

View history note

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