Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:5_9
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 5 cl 9
Character Range: 325759–327341

9  At the end of section 124‑795
Add:

 (4) Unless a condition in subsection (5) is satisfied, you cannot obtain the roll‑over for an original interest in an original entity that is a company if:
 (a) just before the *arrangement started, the original entity:
 (i) was not an Australian resident; and
 (ii) did not have at least 300 *members; and
 (b) just after the arrangement was completed:
 (i) if the acquiring entity is not a member of a *wholly‑owned group at that time—the acquiring entity was not an Australian resident and *acquired an interest of the kind referred to in paragraph 124‑780(1)(a) in the original entity as a result of the arrangement; or
 (ii) if it was a member of such a group at that time—a member of that group was not an Australian resident and acquired an interest of the kind referred to in paragraph 124‑780(1)(a) in the original entity as a result of the arrangement.

Note: There are some cases where a company will not be regarded as having 300 members: see section 124‑810.

 (5) You can obtain the roll‑over for the original interest if:
 (a) if the acquiring entity was not a member of a *wholly‑owned group just after the *arrangement was completed—the acquiring entity had at least 300 *members just before the arrangement started; or
 (b) if it was a member of such a group just after the arrangement was completed:
 (i) the *ultimate holding company of the group had at least 300 members just before the arrangement started; and
 (ii) the ultimate holding company was not an Australian resident just after the arrangement was completed.