(1) For the purposes
of this Division, a person acquires an interest in a corporation if the person
acquires, or the person and any related person acquire, an entitlement such
that the person, or the person and any related person, would be entitled if
the property of the corporation or the holding corporation were to be
distributed (in the case of a corporation on the basis of a winding up) to
participate in a distribution of the property of the corporation or holding
corporation.
(2) For the purposes
of this Division, a person acquires a majority interest in a corporation if
the person acquires, or the person and any related person acquire, an interest
in the corporation such that having acquired that interest the person, or the
person and any related person, would be entitled if the property of the
corporation or a holding corporation were to be distributed (in the case of a
corporation on the basis of a winding up) to participate in a distribution of
the property of the corporation or holding corporation to an extent greater
than 50% of the value of the distributable property and, in
section 76AQ(1)(a)(i) and (ii) and subsection (3), majority interest has a
corresponding meaning.
(3) For the purposes
of this Division, a person acquires a further interest in a corporation if
—
(a) the
person has, or the person and any related person have, a majority interest in
the corporation;
(b) the
acquisition of that majority interest gave rise to a liability for duty under
this Part; and
(c) the
person acquires, or the person and any related person acquire, an interest in
the corporation such that having acquired that interest the person, or the
person and any related person, would be entitled if the property of the
corporation or a holding corporation were to be distributed (in the case of a
corporation on the basis of a winding up) to participate further in a
distribution of the property of the corporation or holding corporation.
(4) In this section
holding corporation in relation to a corporation —
(a)
means a corporation —
(i)
that is an ultimate holding company as defined in
section 9 of the Corporations Act;
(ii)
of which a corporation is a subsidiary by virtue of
Division 6 of Part 1.2 of the Corporations Act or would be a subsidiary by
virtue of that Division if “more” in section 46(a)(ii) and (iii)
of the Corporations Act were deleted and “not less” were inserted
instead; or
(iii)
which would be entitled if a corporation were to be wound
up to participate in a distribution of the property of that corporation to an
extent not less than 50% of the value of the distributable property;
and
(b) is
deemed to include —
(i)
any trust if the trustee of the trust would be entitled
if the corporation or a holding corporation (as defined in paragraph (a)) were
to be wound up to participate in a distribution of the property of the
corporation or holding corporation to an extent not less than 50% of the value
of the distributable property;
(ii)
a corporation, if in respect of any trust referred to in
subparagraph (i) that corporation —
(I) is entitled to a share or interest in
the trust whether vested or contingent; or
(II) in the case of a
discretionary trust, may benefit from that trust;
and
(iii)
any other corporation, or the trustee of any other trust
that would by an application of this subsection be a holding corporation of a
corporation that is a holding corporation of the corporation.
[Section 76AR inserted: No. 60 of 2000 s. 16;
amended: No. 10 of 2001 s. 179; No. 11 of 2005 s. 18 and 21.]