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

148   Subsection 995-1(1)

Insert:

eligible Division 166 company means a company:

(a) that is not a *widely held company; and

(b) in which:

(i) *voting stakes that carry rights to more than 50% of the voting power in the company; or

(ii) *dividend stakes that carry rights to receive more than 50% of any dividends that the company may pay; or

(iii) *capital stakes that carry rights to receive more than 50% of any distribution of capital of the company;

are beneficially owned (whether directly, or *indirectly through one or more interposed entities) by:

(iv) a widely held company; or

(v) an entity mentioned in subsection 166-245(2) that satisfies the condition in subsection 166-245(3); or

(vi) a *non-profit company; or

(vii) a charitable institution, a charitable fund or any other kind of charitable body; or

(viii) 2 or more entities mentioned in subparagraphs (iv) to (vii).