Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section modifies how the ownership tests in section 166 - 145 are applied to the tested company if:
(a) a * voting stake that carries rights to less than 10% of the voting power in the company is held directly in the company; or
(b) a * dividend stake that carries the right to receive less than 10% of any dividends that the company may pay is held directly in the company; or
(c) a * capital stake that carries the right to receive less than 10% of any distribution of capital of the company is held directly in the company.
Note 1: Other rules might affect this provision: see sections 166 - 270, 166 - 275 and 166 - 280.
Note 2: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters.
Notional shareholder
(2) The tests are applied to the tested company as if, at the * ownership test time, a single notional entity:
(a) directly controlled the voting power that is carried by each such * voting stake; and
(b) had the right to receive, for its own benefit and directly:
(i) any * dividends the tested company may pay in respect of each such * dividend stake; and
(ii) any distributions of capital of the tested company in respect of each such * capital stake; and
(c) were a person (other than a company).
Note: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166 - 265.
(3) To avoid doubt, the single notional entity mentioned in subsection (2) is a different single notional entity from the one mentioned in section 165 - 207 and the one mentioned in section 166 - 255.