Income Tax Assessment Act 1936
This section also affects references in this Schedule (other than in subparagraph 269-75(b)(ii) and section 272-25 ) to a person or individual having, directly or indirectly , a fixed entitlement to a share of the income or capital of a company, partnership or trust (the main entity ) at a particular time (the test time ).
This section will not affect a reference to a person or individual having a fixed entitlement where the phrase " directly or indirectly " is not used.Interposed family trusts 272-30(2)
If at the test time a family trust has, directly or indirectly, a fixed entitlement to a share of the income or capital of the main entity, it is treated as if it had the fixed entitlement as an individual and for the individual ' s own benefit. Interposed listed public companies and widely held unit trusts 272-30(3)
(a) at the test time a listed public company or widely held unit trust has, directly or indirectly, a fixed entitlement to a share of the income or capital of the main entity; and
To find out the meaning of listed public company : see section 272-135 .
(b) having regard to the matters set out in subsection (4), the Commissioner considers it fair and reasonable to treat the company or trust as holding, at the test time, the whole or part of its fixed entitlement as an individual and for the individual ' s own benefit;
the company or trust is treated as so holding the whole or the part of its fixed entitlement.Matters for the purposes of paragraph (3)(b) 272-30(4)
For the purposes of paragraph (3)(b), the matters are:
(a) the practicability of identifying any individuals who at the test time have fixed entitlements to a share of the income or capital of the main entity indirectly through the company or trust and for their own benefit; and
(b) any change before or after the test time in the individuals who can be identified as having fixed entitlements of the kind mentioned in paragraph (a); and
(c) any other matter that the Commissioner considers relevant.
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