Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-80 - ROLL-OVERS APPLYING TO ASSETS GENERALLY  

Division 615 - Roll-overs for business restructures  

Subdivision 615-B - Further requirements for choosing to obtain roll-overs  

SECTION 615-25   Requirements relating to the interposed company  

615-25(1)  
The *shares issued in the interposed company must not be *redeemable shares.

615-25(2)  
Each exchanging member who is issued *shares in the interposed company must own the shares from the time they are issued until at least the completion time.

615-25(3)  
Immediately 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 must be such that it is reasonable to treat the exchanging members as owning all the shares.


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