Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-G - Membership of entities  

SECTION 960-130   Members of entities  

960-130(1)  


The following table sets out who is a member of various entities.


Graphic
Graphic
Members
Item Entity Member
1 company a member of the company or a stockholder in the company
2 partnership a partner in the partnership
3 trust (except a *public trading trust) a beneficiary, unitholder or object of the trust
4 (Repealed by No 53 of 2016)
5 *public trading trust a unitholder of the trust

960-130(2)  
If 2 or more entities jointly hold interests or rights that give rise to membership of another entity, each of them is a member of the other entity.

960-130(3)  
An entity is not a member of another entity just because the entity holds one or more interests or rights relating to the other entity that are *debt interests. This subsection has effect despite subsections (1) and (2) of this section.

Example:

An entity is not a member of a company as defined in this section merely because it is a member of the company in the ordinary sense of the term because it holds a finance share in the company, if the finance share is a debt interest. However, if the entity holds other shares in the company that are not debt interests, it will be a member because of those other shares.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.