INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 165 - Income tax consequences of changing ownership or control of a company  

Subdivision 165-D - Tests for finding out whether the company has maintained the same owners  

Rules affecting the operation of the tests

SECTION 165-180   Arrangements affecting beneficial ownership of shares  

165-180(1)  


For the purposes of a test, the Commissioner may treat a person as not having beneficially owned particular *shares at a particular time if the conditions in subsections (2) and (3) are met.
Example:

The Commissioner may treat a person as not having beneficially owned redeemable shares at a particular time if the conditions in subsections (2) and (3) are met in respect of those shares.

165-180(2)  


An *arrangement must have been entered into at some time that in any way (directly or indirectly) related to, affected, or depended for its operation on:


(a) the beneficial interest in the *shares, or the value of that beneficial interest; or


(b) a right carried by, or relating to, the shares; or


(c) the exercise of such a right.

165-180(3)  


The *arrangement must also have been entered into for the purpose, or for purposes including the purpose, of eliminating or reducing a liability of an entity to pay income tax for a *financial year.

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