Tax Laws Amendment (2007 Measures No. 1) Act 2007 (56 of 2007)
Schedule 3 Employee share schemes and stapled securities
Part 2 Consequential amendments
Income Tax Assessment Act 1997
26 At the end of section 703-35
Add:
(7) A *membership interest of a particular kind in an entity that is beneficially owned by another entity may be disregarded under subsection (4) if:
(a) the membership interest forms part of a stapled security (within the meaning of Division 13A of Part III of the Income Tax Assessment Act 1936); and
(b) the stapled security is treated as a *qualifying share because of Subdivision DB of that Division.
Note: The kinds of membership interest that form part of a stapled security are an ordinary share and one or more other interests that are either shares or units in a unit trust: see section 139GCD of the Income Tax Assessment Act 1936.
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