INCOME TAX ASSESSMENT ACT 1997 - SECT 165.160 Who has rights to more than 50% of the company's capital distributions
INCOME TAX ASSESSMENT ACT 1997 - SECT 165.160
Who has rights to more than 50% of the company's capital distributions(1) Applying the primary test: if there are persons who, at a particular time, beneficially own (between them) * shares that carry (between them) the right to receive more than 50% of any distribution of capital of the company, those persons have rights to more than 50% of the company's capital distributions at that time.
(2) Applying the alternative test: if it is the case, or it is
reasonable to assume, that there are persons (none of them companies) who
(between them) at a particular time have the right to receive for their own
benefit (whether directly or * indirectly) more than 50% of any distribution
of capital of the company, those persons have rights to more than 50% of the
company's capital distributions at that time.