Income Tax Assessment Act 1997
The following table sets out who is a member of various entities.
|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|4||(Repealed by No 53 of 2016)|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|
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.
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.