Income Tax Assessment Act 1997
(a) there are persons who had *more than 50% of the voting power in the company during the whole of a period (the ownership test period ) consisting of the income year or a part of it; and
(b) there are persons who had rights to *more than 50% of the company ' s dividends during the whole of the ownership test period; and
(c) there are persons who had rights to *more than 50% of the company ' s capital distributions during the whole of the ownership test period;
those persons had more than a 50% stake in the company during the ownership test period.
Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters.
To work out whether a condition in subsection (1) was satisfied during the *ownership test period, apply the primary test for that condition unless subsection (3) requires the alternative test to be applied. 165-37(3)
Apply the alternative test for that condition if one or more other companies beneficially owned *shares, or interests in shares, in the company at any time during the *ownership test period.
If any of the conditions in subsection (1) have not been satisfied, those conditions are taken to have been satisfied if:
(a) they would have been satisfied except for the operation of section 165-165 ; and
(b) the company has information from which it would be reasonable to conclude that less than 50% of the *notional loss for the *ownership test period has been reflected in deductions, capital losses, or reduced assessable income, that occurred, or could occur in future, because of the happening of any *CGT event in relation to any *direct equity interests or *indirect equity interests in the company during that period.
If the company is:
(a) a *non-profit company; or
(b) a *mutual affiliate company; or
(c) a *mutual insurance company;
during the whole of the *ownership test period, the conditions in paragraphs (1)(b) and (c) are taken to have been satisfied by the company.
The happening of a *CGT event in relation to a *direct equity interest or *indirect equity interest in the company that results in the failure of the company to satisfy a condition in subsection (1) is taken, for the purposes of paragraph (4)(b), to have occurred during the *ownership test period.
(Repealed by No 143 of 2007 )