INCOME TAX ASSESSMENT ACT 1997 - SECT 328.435 Genuine restructures--safe harbour rule

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.435

    For the purposes of paragraph   328 - 430(1)(a) (but without limiting that paragraph), a transaction is, or is a part of, a genuine restructure of an ongoing * business if, in the 3 year period after the transaction takes effect:

  (a)   there is no change in ultimate economic ownership of any of the significant assets of the business (other than * trading stock) that were transferred under the transaction; and

  (b)   those significant assets continue to be * active assets; and

  (c)   there is no significant or material use of those significant assets for private purposes.