Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 509

                   If:

                     (a)  at the end of the notional accounting period of a foreign company the taxpayer had an interest in the foreign company that consisted of shares included in a class of shares that were quoted on the stock market of an approved stock exchange; and

                     (b)  throughout that period, or the part of that period in which the taxpayer had that interest, as the case may be:

                              (i)  shares in the foreign company that were included in that class were widely held, and actively traded on a regular basis, on a stock market of an approved stock exchange; and

                             (ii)  the foreign company was authorised under the law of its place of residence to carry on general insurance business; and

                            (iii)  the foreign company was principally engaged in the active carrying on of general insurance business;

the interest referred to in paragraph (a) is disregarded for the purposes of the application of the operative provision to the taxpayer in relation to the foreign company in respect of that notional accounting period.