Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 166.215

This Subdivision has rules which make it easier for the listed public company
to satisfy the ownership tests in Subdivision 166-D.

All shareholdings of less than 1% in the company are treated as if they were
held by a single notional entity. This means that the company does not have to
trace through to the persons who beneficially own those shares.

A similar rule applies if another listed public company is interposed between
the company and those persons. All shareholdings of less than 1% in the
interposed company are treated as if they were held by a different single
notional entity. This means that the company does not have to trace through to
the persons who beneficially own those shares in the interposed company. Note
1: The rules in this Subdivision also apply to a company that is a 100%
subsidiary of a listed public company: see sections 166-10 and 166-30. Note 2:
The rules in this Subdivision do not apply if they would hide a failure by the
company to maintain the same owners: see sections 166-250 and 166- 255.

Table of sections Special tracing rules for listed public companies
166-220    Shareholdings of less than 1% in the listed public company

166-225    Shareholdings of less than 1% in an interposed listed 
public company
166-230    Notional shareholder

166-235    Notional shareholder taken to have minimum voting control, 
dividend rights and capital rights
166-240    Voting, dividend and capital shareholding of less than 1%

166-245    Shares that are part of a substantial shareholding
When the rules in this Subdivision do not apply
166-250    Limit on listed public company splitting its shares into 
different classes
166-255    If listed public company would not have otherwise passed 
the ownership tests