Document ID: chunk:federal_register_of_legislation:C2025C00014:section:103a:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 103A (pt 1/9)
Character Range: 894860–897332

103A  Private companies
 (1) For the purposes of this Division, a company is a private company in relation to the year of income if the company is not a public company in relation to the year of income.
 (2) For the purposes of subsection (1), a company is, subject to the succeeding provisions of this section, a public company in relation to the year of income if:
 (a) shares in the company, not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits, were listed for quotation in the official list of a stock exchange, being a stock exchange in Australia or elsewhere, as at the last day of the year of income;
 (b) at all times during the year of income, the company was a co‑operative company as defined by section 117;
 (c) the company has not, at any time since its formation, been carried on for the purposes of profit or gain to its individual members and was, at all times during the year of income, prohibited by the terms of its constituent document from making any distribution, whether in money, property or otherwise, to its members or to relatives of its members; or
 (d) the company is:
 (i) a mutual life assurance company;
 (ii) a friendly society dispensary;
 (iii) a body constituted by a law of the Commonwealth or of a State or Territory and established for public purposes, not being a company within the meaning of the law in force in a State or Territory relating to companies;
 (iv) a company in which a Government or a body referred to in subparagraph (iii) had a controlling interest on the last day of the year of income; or
 (v) in relation to the year of income, a subsidiary of a public company.
 (3) Subject to subsection (5), a company is not, by virtue of paragraph (2)(a) or (b), a public company for the purposes of subsection (1) in relation to the year of income where:
 (a) at any time during the year of income, one person or persons not more than 20 in number held, or had the right to acquire or become the holder or holders of, shares representing not less than three‑quarters of the value of the shares in the company, other than shares entitled to a fixed rate of dividend only;
 (b) at any time during the year of income, not less than three‑quarters of the voting power in the company was capable of being exercised by one person or by persons not more than 20 in number;
 (c) not less than three‑quarters of:
 (i) the amount of any dividend paid by the company