New Business Tax System (Integrity and Other Measures) Act 1999 (Incorporating amendments up to Act No. 78 of 2001) (169 of 1999)

Schedule 6   Changes in ownership or control of company

Income Tax Assessment Act 1997

14   Sections 165-185 and 165-190

Repeal the sections, substitute:

165-185 Shares treated as not having carried rights

(1) In applying a test for the purposes of this Division other than Subdivision 165-CC, *shares are taken not to have carried particular rights during a part of the *ownership test period if the Commissioner is satisfied that:

(a) the shares stopped carrying those rights after the ownership test period; or

(b) the shares will or may stop carrying those rights after the ownership test period;

because of:

(c) the company's *constitution as in force at some time during the ownership test period; or

(d) an *arrangement entered into before or during the ownership test period.

(2) In applying a test for the purposes of Subdivision 165-CC, *shares are taken not to have carried particular rights after a particular time if the Commissioner is satisfied that:

(a) the shares stopped carrying those rights after that time; or

(b) the shares will or may stop carrying those rights after that time;

because of:

(c) the company's *constitution as in force at any time; or

(d) an *arrangement entered into at any time.

165-190 Shares treated as always having carried rights

(1) In applying a test for the purposes of this Division other than Subdivision 165-CC, *shares are taken to have carried particular rights at all times during a part of the *ownership test period if the Commissioner is satisfied that:

(a) the shares started to carry those rights after the ownership test period; or

(b) the shares will or may start to carry those rights after the ownership test period;

because of:

(c) the company's *constitution as in force at some time during the ownership test period; or

(d) an *arrangement entered into before or during the ownership test period.

(2) In applying a test for the purposes of Subdivision 165-CC, *shares are taken to have carried particular rights after a particular time if the Commissioner is satisfied that:

(a) the shares started to carry those rights after that time; or

(b) the shares will or may start to carry those rights after that time;

because of:

(c) the company's *constitution as in force at any time; or

(d) an *arrangement entered into at any time.