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

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Operative provisions

SECTION 167-85 Different method for working out voting power

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167-85(1)
An entity may choose whether voting power in the company at a particular time is worked out solely by reference to:

(a) the maximum number of votes that could be cast on a poll on the election of a director of the company, if such a poll were to be held at that time; or

(b) the maximum number of votes that could be cast on a poll on an amendment to the company ' s *constitution, other than an amendment altering:

(i) the rights carried by any of the company ' s *shares; or

(ii) other forms of voting power in the company;

if such a poll were to be held at that time.

167-85(2)
The way the entity prepares its *income tax return is sufficient evidence of it making a choice under subsection (1).

View history note

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