INCOME TAX ASSESSMENT ACT 1997 - SECT 615.35 ADI restructures--disregard certain preference shares

INCOME TAX ASSESSMENT ACT 1997 - SECT 615.35

    For the purposes of this Division, disregard any * shares in the original entity that can be disregarded under subsection   703 - 37(4) if:

  (a)   the interposed company is a non - operating holding company within the meaning of the Financial Sector (Transfer and Restructure) Act 1999 ; and

  (b)   a restructure instrument under Part   4A of that Act is in force in relation to the interposed company; and

  (c)   because of the restructure to which the instrument relates, an * ADI becomes a subsidiary (within the meaning of that Act) of the interposed company; and

  (d)   the original entity is:

  (i)   the ADI; or

  (ii)   part of an extended licensed entity (within the meaning of the * prudential standards) that includes the ADI.

Table of sections

615 - 40   CGT consequences

615 - 45   Additional consequences--deferral of profit or loss

615 - 50   Trading stock

615 - 55   Revenue assets

615 - 60   Disregard CGT exemption for trading stock