INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 20 - Changes in majority underlying interests in assets  

Subdivision E - How holdings of shares or units of less than 1% in certain public entities may be treated  

SECTION 160ZZSP   SHARES THAT ARE PART OF A SUBSTANTIAL SHAREHOLDING  

160ZZSP(1)   When shares begin to be part of substantial shareholding.  

Shares in a company begin to be part of a substantial shareholding of a person when the person gives the company:


(a) a notice under section 709 of the Corporations Law from which it appears that the person or an associate (within the meaning of that section) had a relevant interest in the shares as at the day when the person became a substantial shareholder in the company; or


(b) a notice under section 710 of the Corporations Law from which it appears that the person or an associate (within the meaning of that section) had a relevant interest in the shares after the change in relevant interests because of which the notice had to be given;

whichever happens first.

160ZZSP(2)   When shares stop being part of substantial shareholding.  

The shares stop being part of the substantial shareholding when the person gives the company:


(a) a notice under section 710 of the Corporations Law from which it appears that neither the person nor an associate (within the meaning of that section) had a relevant interest in the shares after the change in relevant interests because of which the notice had to be given; or


(b) a notice under section 711 of the Corporations Law from which it appears that the person had stopped being a substantial shareholder in the company;

whichever happens first.


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