History
S 124-380(4) repealed by
No 168 of 2006
, s 3 and Sch 4 item 54, applicable to CGT events that happen on or after 12 December 2006. S 124-380(4) formerly read:
124-380(4)
The original company and interposed company must be Australian residents at the completion time.
S 124-380 repealed by No 133 of 2014, s 3 and Sch 1 item 10, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011. S 124-380 formerly read:
SECTION 124-380 Requirements to be satisfied in both cases
124-380(1)
The *shares issued in the interposed company must not be *redeemable shares.
124-380(2)
Each exchanging member who is issued *shares in the interposed company must own the shares from the time they are issued to the completion time.
124-380(3)
Just after the completion time:
(a)
the exchanging members must own
all
the *shares in the interposed company; or
(b)
entities other than those members must own no more than 5 *shares in the interposed company and the *market value of those shares expressed as a percentage of the market value of all the shares in the interposed company is such that it is reasonable to treat the exchanging members as owning all the shares.
124-380(4)
(Repealed by
No 168 of 2006
)
History
S 124-380(4) repealed by
No 168 of 2006
, s 3 and Sch 4 item 54, applicable to CGT events that happen on or after 12 December 2006. S 124-380(4) formerly read:
124-380(4)
The original company and interposed company must be Australian residents at the completion time.
Choice to be made by interposed company
124-380(5)
If:
(a)
immediately before the completion time, the original company is the *head company of a *consolidated group; and
(b)
immediately after the completion time, the interposed company is the head company of a *consolidatable group consisting only of itself and the *members of the group immediately before the completion time;
the interposed company must choose that the consolidated group is to continue in existence at and after the completion time.
Note:
Sections
703-65
to
703-80
deal with the effects of the choice for the consolidated group.
History
S 124-380(5), (6) and (7) substituted for s 124-380(5) by No 117 of 2002.
124-380(6)
If subsection (5) of this section does not apply, the interposed company must choose that section
124-385
apply.
History
S 124-380(5), (6) and (7) substituted for s 124-380(5) by No 117 of 2002.
124-380(7)
In either case, the interposed company must make the choice within 28 days after the completion time, or within such further time as the Commissioner allows. The choice cannot be revoked.
Note:
This is an exception to the general rule about choices in section
103-25
.
History
S 124-380(7) amended by No 83 of 2004.
S 124-380(5), (6) and (7) substituted for s 124-380(5) by No 117 of 2002.
S 124-380 inserted by No 46 of 1998.
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