Income Tax Assessment Act 1997
View history note
Hide history noteThe following table sets out who is a member of various entities.
| Members | ||
| Item | Entity | Member |
| 1 | company | a member of the company or a stockholder in the company |
| 2 | partnership | a partner in the partnership |
| 3 | trust (except a *public trading trust) | a beneficiary, unitholder or object of the trust |
| 4 | (Repealed by No 53 of 2016) | |
| 5 | *public trading trust | a unitholder of the trust |
960-130(2)
If 2 or more entities jointly hold interests or rights that give rise to membership of another entity, each of them is a member of the other entity.
960-130(3)
An entity is not a member of another entity just because the entity holds one or more interests or rights relating to the other entity that are *debt interests. This subsection has effect despite subsections (1) and (2) of this section.
Example:
An entity is not a member of a company as defined in this section merely because it is a member of the company in the ordinary sense of the term because it holds a finance share in the company, if the finance share is a debt interest. However, if the entity holds other shares in the company that are not debt interests, it will be a member because of those other shares.
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