INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 20 - Changes in majority underlying interests in assets  

Subdivision C - Provisions applying to public entities  

SECTION 160ZZSA   PUBLIC ENTITIES TO DETERMINE AT IDENTIFIED TIMES WHETHER CHANGES HAVE OCCURRED SINCE 19 SEPTEMBER 1985 IN MAJORITY UNDERLYING INTERESTS IN ASSETS OF THE ENTITIES  

160ZZSA(1)   Determination to be made by entity that has not previously found a lack of continuity of holding of majority underlying interests.  

This section applies to a public entity in relation to a test time in respect of an asset acquired on or before 19 September 1985 if, and only if:

(a) the entity was the owner of the asset at the test time; and

(b) the asset was not, immediately before 20 January 1997, taken, under subsection 160ZZS(1) , to have been acquired by the entity after 19 September 1985; and

(c) if the test time was a time referred to in paragraph (b) or (c) of the definition of test time in subsection 160ZZRR(1) - the asset was not, immediately before the day on which the test time occurred, taken, under section 160ZZS or under a previous application of this Subdivision, to have been acquired by the entity after 19 September 1985.

160ZZSA(2)   Entity to examine its records to determine whether continuity exists.  

The entity must, within the prescribed period after the test time or within such further period (if any) as the Commissioner approves, make a determination, by an examination of its records, showing whether majority underlying interests in the asset at the test time were held by natural persons who held majority underlying interests in the asset at the base time.

160ZZSA(3)   Interests whose holders cannot be identified.  

If there were, at the base time, underlying interests in the asset the holders of which cannot be identified by the entity from an examination of its records, those interests are taken, for the purposes of the determination, to have been held at the base time by natural persons who did not hold underlying interests in the asset at the test time.