INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3CD - How to treat interposed superannuation funds, approved deposit funds and special companies  

Special tracing rules for listed public companies  

SECTION 160ZNSU   WHEN FUND OR SPECIAL COMPANY IS TAKEN TO CONTROL VOTING POWER  

160ZNSU(1)   Modification of application of ownership test about voting power.  

This section modifies how the ownership test in section 160ZNSH (about control of voting) is applied to the listed public company if:

(a) a superannuation fund, approved deposit fund or special company is interposed, at the ownership test time, between persons (none of them companies) and the listed public company; and

(b) at the ownership test time, those persons control (or are able to control) any of the voting power in the listed public company indirectly through the fund or special company (or through entities including it); and

(c) the fund or special company is a complying superannuation fund, complying approved deposit fund or special company at all times during the year of income of the listed public company in which the ownership test time occurs.

160ZNSU(2)   If fund or special company has more than 50 members.  

If the fund or special company has more than 50 members, the test is applied as if, at the ownership test time, the fund or special company were a person (other than a company) who controlled the voting power in the listed public company that those persons control (or are able to control).

160ZNSU(3)   If fund or special company has 50 members or less.  

However, if the fund or special company has 50 members or less, the test is applied as if, at the ownership test time, each member were a person (other than a company) who controlled an equal proportion of the voting power in the listed public company that those persons control (or are able to control).

160ZNSU(4)   Persons who actually control are taken not to control.  

The test is applied as if, at the ownership test time, the voting power in the listed public company that those persons control (or are able to control) were not controlled by them (except as provided by subsection (3)).