Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 272 - Interpretation  

Subdivision 272-L - Listed public company  

SECTION 272-135   LISTED PUBLIC COMPANY  

Basic meaning

272-135(1)  
A listed public company is a company whose shares (except those that carry a right to a fixed rate of dividend) are listed for quotation in the official list of an approved stock exchange. Exceptions

272-135(2)  
However, a company is not a listed public company if:


(a) a person (who is not a company) controls, or is able to control, or up to 20 persons (none of them companies) between them control, or are able to control, 75% or more of the voting power in the company (whether directly, or indirectly through one or more interposed companies, partnerships or trusts); or


(b) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or indirectly through one or more interposed companies, partnerships or trusts) 75% or more of any dividends that the company may pay; or


(c) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or indirectly through one or more interposed companies, partnerships or trusts) 75% or more of any distribution of capital of the company. Meaning of right to receive dividends or distribution of capital indirectly

272-135(3)  
For the purposes of subsection (2), persons have the right to receive dividends or a distribution of capital of a company indirectly for their own benefit if they would receive the dividends or capital for their own benefit if:


(a) the company were to pay the dividends or distribute the capital; and


(b) the dividends or capital were then successively paid or distributed by each company, partnership or trust interposed between the company and those persons. Meaning of distribute

272-135(4)  
Section 272-50 is disregarded in determining the meaning of distribute in paragraphs (3)(a) and (b).


 

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