(1) Subsection (2)
applies if —
(a) at
the time an acquisition (the main acquisition ) of an interest in an entity
(the main entity ) occurs —
(i)
there is an agreement to which section 149(1)(a) applies
in determining the entitlement to land assets, chattels, or land assets and
chattels, of the main entity or a linked entity in respect of the main entity;
or
(ii)
there is an agreement to which section 154B(a) applies in
determining the interest that the main entity, or a linked entity in respect
of the main entity, has in another entity;
and
(b)
after the main acquisition occurs but before an assessment is made in relation
to the main acquisition, the agreement has been rescinded, annulled or
otherwise terminated without being completed.
(2) Section 149(1)(a)
or 154B(a) (whichever is relevant) applies to the agreement for the purposes
of making an assessment in relation to the main acquisition despite the
rescission, annulment or other termination of the agreement, unless the
Commissioner is satisfied that the rescission, annulment or other termination
of the agreement was not part of a scheme or arrangement under which the
object of the agreement has been or may be achieved in another way.
(3) Subsection (4)
applies if —
(a) at
the time an acquisition (the main acquisition ) of an interest in an entity
(the main entity ) occurs —
(i)
there is an agreement to which section 149(1)(b) applies
in determining the entitlement to land assets, chattels, or land assets and
chattels, of the main entity or a linked entity in respect of the main entity;
or
(ii)
there is an agreement to which section 154B(b) applies in
determining the interest that the main entity, or a linked entity in respect
of the main entity, has in another entity;
and
(b)
after the main acquisition occurs but before an assessment is made in relation
to the main acquisition, the agreement is completed.
(4) Despite
section 149(1)(b) or 154B(b) (whichever is relevant), the agreement is not to
be disregarded for the purposes of making an assessment in relation to the
main acquisition.
[Section 195B inserted: No. 12 of 2019 s. 91.]