INCOME TAX ASSESSMENT ACT 1997 - SECT 615.25 Requirements relating to the interposed company
INCOME TAX ASSESSMENT ACT 1997 - SECT 615.25
Requirements relating to the interposed company(1) The * shares issued in the interposed company must not be * redeemable shares.
(2) Each exchanging member who is issued * shares in the interposed company must own the shares from the time they are issued until at least the completion time.
(3) Immediately after the completion time:
(a) the exchanging members must own all the * shares in the interposed company; or
(b) entities other than those members must own no more than 5
shares in the interposed company, and the * market value of those shares
expressed as a percentage of the market value of all the shares in the
interposed company must be such that it is reasonable to treat the exchanging
members as owning all the shares.