Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-G - Membership of entities  

SECTION 960-130   Members of entities  

960-130(1)  


The following table sets out who is a member of various entities.


Graphic
Graphic
Members
Item Entity Member
1 company a member of the company or a stockholder in the company
2 partnership a partner in the partnership
3 trust (except a *public trading trust) a beneficiary, unitholder or object of the trust
4 (Repealed by No 53 of 2016)
5 *public trading trust a unitholder of the trust

960-130(2)  
If 2 or more entities jointly hold interests or rights that give rise to membership of another entity, each of them is a member of the other entity.

960-130(3)  
An entity is not a member of another entity just because the entity holds one or more interests or rights relating to the other entity that are *debt interests. This subsection has effect despite subsections (1) and (2) of this section.

Example:

An entity is not a member of a company as defined in this section merely because it is a member of the company in the ordinary sense of the term because it holds a finance share in the company, if the finance share is a debt interest. However, if the entity holds other shares in the company that are not debt interests, it will be a member because of those other shares.


 

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