Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 166.265

(1) This section modifies how the ownership test in section 166-150 (about
control of voting) is applied to the *listed public company if:

   (a)  a *superannuation fund, *approved deposit fund or *special company is
        interposed, at the *ownership test time, between persons (none of them
        companies) and the listed public company; and

   (b)  at the ownership test time, those persons control (or are able to
        control) any of the voting power in the listed public company
        indirectly through the fund or special company (or through entities
        including it); and

   (c)  the fund or special company is a *complying superannuation fund,

*complying approved deposit fund or special company at all times during the
income year of the listed public company in which the

*ownership test time occurs.

If fund or special company has more than 50 members

(2) If the fund or *special company has more than 50 *members, the test is
applied as if, at the *ownership test time, the fund or special company were a
person (other than a company) who controlled the voting power in the *listed
public company that those persons control (or are able to control).

If fund or special company has 50 members or less

(3) However, if the fund or *special company has 50 *members or less, the test
is applied as if, at the *ownership test time, each member were a person
(other than a company) who controlled an equal proportion of the voting power
in the *listed public company that those persons control (or are able to
control).

Persons who actually control are taken not to control

(4) The test is applied as if, at the *ownership test time, the voting power
in the *listed public company that those persons control (or are able to
control) were not controlled by them (except as provided by subsection (3)).