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 960-140  

960-140   Ordinary membership interest  

A *membership interest in a *corporate tax entity is an ordinary membership interest if:

(a) in the case of a membership interest in a company - it is an ordinary share; and

(b) in the case of a membership interest in a *corporate limited partnership - it is an interest in the income of the partnership; and

(c) in the case of a membership interest in a *public trading trust - it is a unit in the trust.