New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)
Schedule 13 Exempting entities and former exempting entities
Income Tax Assessment Act 1997
16 After section 960-135
Insert:
960-140 Ordinary membership interest
A*membership interest in a*corporate tax entity is an ordinary membership interest if:
(a) in the case of a membership interest in a*company - it is an ordinary share; and
(b) in the case of a membership interest in a*corporate limited partnership - it is an interest in the income of the partnership; and
(c) in the case of a membership interest in a*corporate unit trust or*public trading trust - it is a unit in the trust.
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