INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 165 - Income tax consequences of changing ownership or control of a company  

Subdivision 165-G - Other special provisions  

SECTION 165-250   Control of companies in liquidation etc.  

165-250(1)  
For the purposes of sections 165-15 , 165-40 , 165-115D , 165-115M and 165-129 , a person is not prevented from controlling, or being or becoming able to control, voting power in a company merely because:

(a) the company is or becomes:

(i) a Chapter 5 body corporate within the meaning of the Corporations Act 2001 ; or

(ii) an entity with a similar status under a *foreign law to a Chapter 5 body corporate; or

(b) either:

(i) a provisional liquidator is appointed to the company under section 472 of the Corporations Act 2001 ; or

(ii) a person with a similar status under a foreign law to a provisional liquidator is appointed to the company.

165-250(2)  
For the purposes of sections 165-15 , 165-40 , 165-115D , 165-115M and 165-129 , a company (the stakeholding company ) is not prevented from controlling, or being or becoming able to control, voting power in another company merely because:

(a) the stakeholding company is or becomes:

(i) a Chapter 5 body corporate within the meaning of the Corporations Act 2001 ; or

(ii) an entity with a similar status under a *foreign law to a Chapter 5 body corporate; or

(b) either:

(i) a provisional liquidator is appointed to the stakeholding company under section 472 of the Corporations Act 2001 ; or

(ii) a person with a similar status under a foreign law to a provisional liquidator is appointed to the stakeholding company.