INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteFor the purposes of a test, an entity is not prevented from:
(a) beneficially owning shares in a company; or
(b) having the right to exercise, controlling, or being able to control, voting power in a company; or
(c) having the right to receive any dividends that a company may pay; or
(d) having the right to receive any distribution of capital of a company;
merely because:
(e) the company is or becomes:
(i) an externally-administered body corporate within the meaning of the Corporations Law (as set out in section 82 of the Corporations Act 1989 ); or
(ii) an entity with a similar status, under the Companies Code of the relevant State or a foreign law, to an externally-administered body corporate; or
(f) either:
(i) a provisional liquidator is appointed to the company under section 472 of the Corporations Law (as set out in section 82 of the Corporations Act 1989 ); or
160ZNRA(2) [Stakeholder company rights]
(ii) a person with a similar status, under the Companies Code of the relevant State or a foreign law, to a provisional liquidator is appointed to the company.
For the purposes of a test, a company (the stakeholding company ) is not prevented from:
(a) beneficially owning shares in another company, or any other interest in another entity; or
(b) having the right to exercise, controlling, or being able to control, voting power in another company or any other entity; or
(c) having the right to receive any dividends that another company or any other entity may pay; or
(d) having the right to receive any distribution of capital of another company or any other entity;
merely because:
(e) the stakeholding company is or becomes:
(i) an externally-administered body corporate within the meaning of the Corporations Law (as set out in section 82 of the Corporations Act 1989 ); or
(ii) an entity with a similar status, under the Companies Code of the relevant State or a foreign law, to an externally-administered body corporate; or
(f) either:
(i) a provisional liquidator is appointed to the stakeholding company under section 472 of the Corporations Law (as set out in section 82 of the Corporations Act 1989 ); or
(ii) a person with a similar status, under the Companies Code of the relevant State or a foreign law, to a provisional liquidator is appointed to the stakeholding company.
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