A New Tax System (Goods and Services Tax) Amendment Regulations 2003 (No. 1) (37 of 2003)

Schedule 1   Amendments

[11]   Subregulation 48-10.03 (4)

substitute

(4) For a company that is a member of the GST group, each representative of a shareholder of the company is also a permitted beneficiary if:

(a) for a company with 1 shareholder - the beneficiaries of the trust include a representative of the shareholder; and

(b) for a company with more than 1 shareholder - the beneficiaries of the trust include at least 2 beneficiaries who are representatives of different shareholders.