INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 20 - Changes in majority underlying interests in assets  

Subdivision A - Preliminary  

SECTION 160ZZRR   INTERPRETATION  

160ZZRR(1)   [Definitions]  

In this Division:

abnormal trading
has the meaning given by Subdivision D.

approved stock exchange
has the same meaning as in section 470 .

base time
, in relation to a public entity, means:


(a) the last moment of a day within the period beginning on 1 July 1985 and ending on 30 June 1986 that is chosen by the entity and is a day the choice of which will result in a determination that gives a reasonable approximation of the natural persons who held underlying interests in the assets of the entity at the last moment of 19 September 1985; or


(b) if no day within that period is so chosen - the last moment of 19 September 1985.

business day
, in relation to the application of paragraph (b) of the definition of test time to a public entity, means a day other than:


(a) a Saturday; or


(b) a Sunday; or


(c) a day that is a public holiday or a bank holiday in the place where the records of ownership of shares or other interests in the entity are kept.

capital shareholding of less than 1%
has the meaning given by subsection 160ZZSN(1) .

capital unitholding of less than 1%
has the meaning given by subsection 160ZZSO(1) .

complying approved deposit fund
means a complying approved deposit fund within the meaning of section 47 of the Superannuation Industry (Supervision) Act 1993 .

complying superannuation fund
means a complying superannuation fund within the meaning of section 45 of the Superannuation Industry (Supervision) Act 1993 .

dividend shareholding of less than 1%
has the meaning given by subsection 160ZZSN(2) .

first test time
means the last moment of 20 January 1997.

government body
means:


(a) the Commonwealth, a State or a Territory; or


(b) a municipal corporation or other local government body; or


(c) a foreign state.

head company
has the meaning given by section 160ZZSK .

head trust
has the meaning given by section 160ZZSK .

hold
includes have.

in a position to affect rights
has the meaning given by section 160ZZRRB .

income unitholding of less than 1%
has the meaning given by subsection 160ZZSO(2) .

indirect beneficial interest
:


(a) in relation to an asset, has the meaning given by section 160ZZRS; and


(b) in relation to income derived from an asset, has the meaning given by section 160ZZRT .

interposed entity
has the meaning given by section 160ZZSL .

last moment
, in relation to a day, has the meaning given by subsection (3).

listed public company
means a company in which any of the shares (except shares that carry the right to a fixed rate of dividend) are listed for quotation in the official list of an approved stock exchange.

majority underlying interests
, in relation to an asset, means more than one-half of:


(a) the beneficial interests that natural persons hold (whether directly or indirectly) in the asset; and


(b) the beneficial interests that natural persons hold (whether directly or indirectly) in any income that may be derived from the asset.

mutual insurance organisation
means:


(a) a mutual insurance company within the meaning of section 121AB; or


(b) a mutual affiliate company within the meaning of section 121AC.

part of a substantial shareholding
has the meaning given by section 160ZZSP .

prescribed period
, in relation to a test time, means:


(a) the period of 6 months beginning on the day after the day on which that time occurs; or


(b) the period of 3 months beginning on the day after the day on which the Taxation Laws Amendment Act (No. 1) 1997 received the Royal Assent;

whichever period ends last.

public company
means:


(a) a listed public company; or


(b) a company (other than a listed public company) all the shares in which are beneficially owned by any one or more of the following:


(i) listed public companies;

(ii) mutual insurance organisations;

(iii) publicly traded unit trusts; or


(c) a 100% subsidiary of a company to which paragraph (b) applies.

public entity
means:


(a) a public company; or


(b) a mutual insurance organisation; or


(c) a publicly traded unit trust.

publicly traded unit trust
means a unit trust the units in which:


(a) are listed for quotation in the official list of an approved stock exchange; or


(b) are ordinarily available for subscription or purchase by the public.

relevant interest
has the meaning given by Division 5 of Part 1.2 of the Corporations Law.

special company
means:


(a) a mutual insurance organisation; or


(b) a company whose constituent document prevents it from making any distribution, whether in money, property or otherwise, to its members; or


(c) a company that is prescribed by the regulations.

subsidiary
: the expression 100% subsidiary has the meaning given by section 160ZZRRA .

test time
, in relation to a public entity, means:


(a) the last moment of 20 January 1997; or


(b) the last moment of a day that is 5 years (or a multiple of 5 years) after the day referred to in paragraph (a) or, if a day worked out under this paragraph is not a business day, the last moment of the next day that is a business day; or


(c) if the public entity is a public company or a publicly traded unit trust - the last moment of any day after 20 January 1997 on which:


(i) there is abnormal trading in shares in the company or in units in the trust; or

(ii) in respect of a public entity that is, or is a 100% subsidiary of, a public company all the shares in which are beneficially owned by a listed public company or are beneficially owned by a publicly traded unit trust - there is abnormal trading in shares in the listed public company or in the publicly traded unit trust.

trading
, in relation to shares in a public company or units in a publicly traded unit trust, has the meaning given by subsections 160ZZSE(2) and (3).

underlying interest
, in relation to an asset, means a beneficial interest that a natural person holds (whether directly or indirectly) in the asset or in any income that may be derived from the asset.

160ZZRR(2)   [Acts of publicly traded unit trust]  

A reference in this Division to a requirement having, or not having, been made of a public entity, or to a public entity having done or failed to do any thing, is, if the entity is a publicly traded unit trust, taken to be a reference to the requirement having, or not having, been made of the trustee of the trust or to the trustee of the trust having done or failed to do that thing, as the case may be.

160ZZRR(3)   [Legal time]  

A reference in the definition of base time or test time , for the purposes of the application of that definition to a public entity, to the last moment of a day is a reference to the last moment of that day by legal time in the place where the records of ownership of shares or other interests in the entity are kept.

160ZZRR(4)   [Natural persons]  

For the purposes of this Division, the following are taken to be natural persons:


(a) a government body;


(b) a company whose constituent document prevents it from making any distribution, whether in money, property or otherwise, to its members.


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