INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3B - Tests for finding out whether the company has maintained the same owners  

Rules affecting the operation of the tests  

SECTION 160ZNRA   COMPANIES IN LIQUIDATION  

160ZNRA(1)   [Shareholder rights]  

For the purposes of a test, an entity is not prevented from:

(a) beneficially owning shares in a company; or

(b) having the right to exercise, controlling, or being able to control, voting power in a company; or

(c) having the right to receive any dividends that a company may pay; or

(d) having the right to receive any distribution of capital of a company;

merely because:

(e) the company is or becomes:

(i) an externally-administered body corporate within the meaning of the Corporations Law (as set out in section 82 of the Corporations Act 1989 ); or

(ii) an entity with a similar status, under the Companies Code of the relevant State or a foreign law, to an externally-administered body corporate; or

(f) either:

(i) a provisional liquidator is appointed to the company under section 472 of the Corporations Law (as set out in section 82 of the Corporations Act 1989 ); or

(ii) a person with a similar status, under the Companies Code of the relevant State or a foreign law, to a provisional liquidator is appointed to the company.

160ZNRA(2)   [Stakeholder company rights]  

For the purposes of a test, a company (the stakeholding company ) is not prevented from:

(a) beneficially owning shares in another company, or any other interest in another entity; or

(b) having the right to exercise, controlling, or being able to control, voting power in another company or any other entity; or

(c) having the right to receive any dividends that another company or any other entity may pay; or

(d) having the right to receive any distribution of capital of another company or any other entity;

merely because:

(e) the stakeholding company is or becomes:

(i) an externally-administered body corporate within the meaning of the Corporations Law (as set out in section 82 of the Corporations Act 1989 ); or

(ii) an entity with a similar status, under the Companies Code of the relevant State or a foreign law, to an externally-administered body corporate; or

(f) either:

(i) a provisional liquidator is appointed to the stakeholding company under section 472 of the Corporations Law (as set out in section 82 of the Corporations Act 1989 ); or

(ii) a person with a similar status, under the Companies Code of the relevant State or a foreign law, to a provisional liquidator is appointed to the stakeholding company.