Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 727.220

  (1)   An * indirect value shift does not have consequences under this Division if the conditions in this section are met.

  (2)   The * greater benefits must consist entirely of:

  (a)   the * losing entity transferring a * CGT asset to the * gaining entity; or

  (b)   a right to have the losing entity transfer an asset to the gaining entity.

  (3)   There must be * lesser benefits and, as at the * IVS time, the total * market value of the lesser benefits must not be less than the greatest of these amounts:

  (a)   the asset's * cost base at that time;

  (b)   the asset's cost;

  (c)   the asset's market value immediately before the most recent time (if any), since the * losing entity * acquired the asset, when an * affected owner has acquired:

  (i)   a * primary equity interest in the losing entity; or

  (ii)   an * indirect primary equity interest in the losing entity.

  (4)   A * primary equity interest in an entity is an indirect primary equity interest in another entity if, and only if:

  (a)   the first entity owns a primary equity interest in the other entity; or

  (b)   the first entity owns a primary equity interest that is an indirect primary equity interest in the other entity because of one or more other applications of this subsection.