Tax Laws Amendment (2007 Measures No. 1) Act 2007 (56 of 2007)

Schedule 3   Employee share schemes and stapled securities

Part 2   Consequential amendments

Income Tax Assessment Act 1997

29   At the end of section 719-30

Add:

(5) A *membership interest of a particular kind in an entity that is beneficially owned by another entity is covered by this subsection if:

(a) the membership interest forms part of a stapled security (within the meaning of Division 13A of Part III of the Income Tax Assessment Act 1936); and

(b) the stapled security is treated as a *qualifying share because of Subdivision DB of that Division.

Note: The kinds of membership interest that form part of a stapled security are an ordinary share and one or more other interests that are either shares or units in a unit trust: see section 139GCD of the Income Tax Assessment Act 1936.