Income Tax Assessment Act 1997
Or, it must be the case that:
(a) at some time during the * IVS period, neither the * losing entity nor the * gaining entity has 300 or more members (in the case of a company) or 300 or more beneficiaries (in the case of a trust); and
(b) the losing entity and the gaining entity have a * common-ownership nexus within the IVS period.
For the concept of IVS period , see section 727-150 .
For the concept of common-ownership nexus , see section 727-400 .727-110(2)
Section 124-810 (under which certain companies and trusts are not regarded as having 300 or more members or beneficiaries) also applies for the purposes of this Division. 727-110(3)
In addition, this Division applies to a * non-fixed trust as if it did not have 300 or more beneficiaries.