Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 166.270

(1) This section modifies how the ownership test in section 166- 155 (about
*dividend rights) or 166-160 (about capital rights) is applied to the *listed
public company if:

   (a)  a *superannuation fund, *approved deposit fund or *special company is
        interposed, at the *ownership test time, between persons (none of them
        companies) and the listed public company; and

   (b)  at the ownership test time, those persons have the right to receive
        for their own benefit, and *indirectly through the fund or special
        company (or through entities including it):

        (i)    a percentage of any *dividends that the listed public company
               may pay; or

        (ii)   a percentage of any distributions of capital of the listed
               public company; and

   (c)  the fund or special company is a *complying superannuation fund,

*complying approved deposit fund or special company at all times during the
income year of the listed public company in which the

*ownership test time occurs.

If fund or special company has more than 50 members

(2) If the fund or *special company has more than 50 *members, the test is
applied as if, at the *ownership test time, the fund or special company were a
person (other than a company) who had the right to receive, for the person's
own benefit, that percentage of those

*dividends or distributions of capital of the *listed public company.

If fund or special company has 50 members or less

(3) However, if the fund or *special company has 50 *members or less, the test
is applied as if, at the *ownership test time, each member were a person
(other than a company) who had a right to receive, for the person's own
benefit, an equal proportion of those

*dividends or distributions of capital.

Persons who actually have the right are taken not to have it

(4) The test is applied as if, at the *ownership test time, the persons (other
than companies) who have the right to receive that percentage of those
*dividends or distributions of capital did not have that right (except as
provided by subsection (3)).

[The next Division is Division 170.]