INCOME TAX ASSESSMENT ACT 1997 - SECT 165.115M Alteration time--alteration in control of company

INCOME TAX ASSESSMENT ACT 1997 - SECT 165.115M

  (1)   A time (the test time ) is also an alteration time in respect of a company if, at the test time:

  (a)   a person or persons who did not control, and were not able to control, the voting power in the company at the reference time began to control, or became able to control, that voting power immediately after the test time; and

  (b)   that person or those persons so began, or became able, to control that voting power for the purpose of:

  (i)   getting some benefit or advantage in relation to how this Act applies; or

  (ii)   getting such a benefit or advantage for someone else;

    or for purposes including that purpose.

Note 1:   A person can still control the voting power in a company that is in liquidation etc.: see section   165 - 250.

Note 2:   Subdivision   167 - B has special rules for working out voting power in a company whose shares do not all carry the same voting rights, or do not carry all of the voting rights in the company.

  (2)   The reference time is:

  (a)   if no alteration time occurred in respect of the company before the * test time--the commencement time; or

  (b)   otherwise--the time immediately after the last alteration time.

  (3)   In this section:

"control" of the voting power in a company means control of that voting power either directly, or indirectly through one or more interposed entities.