Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 165.180

Arrangements affecting beneficial ownership of shares

  (1)   For the purposes of a test, the Commissioner may treat a person as not having beneficially owned particular * shares at a particular time if the conditions in subsections   (2) and (3) are met.

Example:   The Commissioner may treat a person as not having beneficially owned redeemable shares at a particular time if the conditions in subsections   (2) and (3) are met in respect of those shares.

  (2)   An * arrangement must have been entered into at some time that in any way (directly or indirectly) related to, affected, or depended for its operation on:

  (a)   the beneficial interest in the * shares, or the value of that beneficial interest; or

  (b)   a right carried by, or relating to, the shares; or

  (c)   the exercise of such a right.

  (3)   The * arrangement must also have been entered into for the purpose, or for purposes including the purpose, of eliminating or reducing a liability of an entity to pay income tax for a * financial year.


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