Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 483

             (1)  An interest in a FIF that is a foreign company is:

                     (a)  a share in the company other than an eligible finance share within the meaning of section 327; or

                     (b)  an option, convertible note, or other instrument, that confers an entitlement to acquire such a share.

             (2)  An interest in a FIF that is a foreign trust is:

                     (a)  an interest in the corpus or income of the trust (including, in the case of a unit trust, an interest constituted by a unit in the unit trust); or

                     (b)  an option, convertible note, or other instrument, that confers an entitlement to acquire an interest referred to in paragraph (a).

             (3)  A person has an interest in a FLP if the person has the legal title to the FLP and, if only one person has the legal title to the FLP, a reference in this Part to the person's interest or interests in the FLP is taken to be a reference to the FLP.