Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p29
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 29/53)
Character Range: 2984862–2987440

time; and
 (c) one or more entities had relevant equity interests or relevant debt interests in the company immediately before the alteration time.
Note 1: For alteration time, see sections 165‑115L, 165‑115M, 165‑115N, 165‑115P and 165‑115Q.
Note 2: For relevant equity interests and relevant debt interests, see sections 165‑115X and 165‑115Y.

Alteration time before commencement time to be disregarded
 (2) An alteration time does not include a time before the commencement time.

Commencement time
 (3) The commencement time for a company is:
 (a) if the company was in existence at 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999—that time; or
 (b) if the company came into existence after that time—the time when it came into existence.

Certain alteration times to be disregarded
 (4) If:
 (a) a time (the test time) would, apart from this subsection, be an alteration time in relation to a company; and
 (b) the company does not have any losses of the kinds referred to in paragraphs 165‑115R(3)(a), (b), (c) and (d) and 165‑115S(3)(a) and (b); and
 (c) the test time is not a changeover time in relation to the company under Subdivision 165‑CC; and
 (d) if the test time were such a changeover time, it would be reasonable for the company to conclude that it would not have an unrealised net loss at that time under section 165‑115E;
the test time is taken not to be an alteration time in relation to the company.

Application to CGT events other than disposals
 (5) This Subdivision applies to a *CGT event (other than a *disposal) happening in relation to a CGT asset (for example, an interest in a company that is constituted by an equity or debt):
 (a) in the same way as it applies to a disposal of a CGT asset; and
 (b) as if the asset had been disposed of at the time when the CGT event happens.

165‑115L  Alteration time—alteration in ownership of company
 (1) A time (the test time) is an alteration time in respect of a company if:
 (a) persons who had *more than 50% of the voting power in the company at the reference time do not have more than 50% of that voting power immediately after the test time; or
 (b) persons who had rights to *more than 50% of the company's dividends at the reference time do not have rights to more than 50% of those dividends immediately after the test time; or
 (c) persons who had rights to *more than 50% of the company's capital distributions at the reference time do not have rights to more than 50% of those distributions immediately after the test time.
Note 1: See section 165‑150 to work