Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-95 - VALUE SHIFTING  

Division 725 - Direct value shifting affecting interests in companies and trusts  

Subdivision 725-A - Scope of the direct value shifting rules  

SECTION 725-85   725-85   Who is an affected owner of an up interest?  


An entity is an affected owner of an * up interest if, and only if:


(a) there is at least one * affected owner of * down interests; and


(b) the entity owns the up interest at the * increase time, or the interest is an up interest because it was issued to the entity at a * discount;

and at least one of these paragraphs is satisfied:


(c) the entity is the controller;


(d) the entity was an * associate of the controller at some time during or after the * scheme period;


(e) at some time during or after the scheme period, the entity was an associate of an entity that is an affected owner of down interests because it was an associate of the controller at some time during or after that period;


(f) the entity is an * active participant in the * scheme.


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