New Business Tax System (Integrity and Other Measures) Act 1999 (Incorporating amendments up to Act No. 78 of 2001) (169 of 1999)
Schedule 6 Changes in ownership or control of company
Income Tax Assessment Act 1997
14 Sections 165-185 and 165-190
Repeal the sections, substitute:
165-185 Shares treated as not having carried rights
(1) In applying a test for the purposes of this Division other than Subdivision 165-CC, *shares are taken not to have carried particular rights during a part of the *ownership test period if the Commissioner is satisfied that:
(a) the shares stopped carrying those rights after the ownership test period; or
(b) the shares will or may stop carrying those rights after the ownership test period;
because of:
(c) the company's *constitution as in force at some time during the ownership test period; or
(d) an *arrangement entered into before or during the ownership test period.
(2) In applying a test for the purposes of Subdivision 165-CC, *shares are taken not to have carried particular rights after a particular time if the Commissioner is satisfied that:
(a) the shares stopped carrying those rights after that time; or
(b) the shares will or may stop carrying those rights after that time;
because of:
(c) the company's *constitution as in force at any time; or
(d) an *arrangement entered into at any time.
165-190 Shares treated as always having carried rights
(1) In applying a test for the purposes of this Division other than Subdivision 165-CC, *shares are taken to have carried particular rights at all times during a part of the *ownership test period if the Commissioner is satisfied that:
(a) the shares started to carry those rights after the ownership test period; or
(b) the shares will or may start to carry those rights after the ownership test period;
because of:
(c) the company's *constitution as in force at some time during the ownership test period; or
(d) an *arrangement entered into before or during the ownership test period.
(2) In applying a test for the purposes of Subdivision 165-CC, *shares are taken to have carried particular rights after a particular time if the Commissioner is satisfied that:
(a) the shares started to carry those rights after that time; or
(b) the shares will or may start to carry those rights after that time;
because of:
(c) the company's *constitution as in force at any time; or
(d) an *arrangement entered into at any time.