Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:1_18:p15
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 1 cl 18 (pt 15/23)
Character Range: 56752–59168

would have reflected, or would reflect, as the case may be, any part of the company's overall loss.

 (5) An individual is not taken to have a relevant equity interest in a *loss company at any time.

 (6) A partnership that consists only of individuals is not taken to have a relevant equity interest in a *loss company at any time.

 (7) If section 106‑30, 106‑50 or 106‑60 would treat an act referred to in that section that is done in relation to an interest as having been done by an individual, the interest is not a relevant equity interest.

165‑115Y  Relevant debt interest

 (1) An entity (not an individual) has a relevant debt interest in a *loss company at a particular time if, at that time:
 (a) the entity has a controlling stake in the loss company (see section 165‑115Z); and
 (b) the entity is owed by the loss company a debt of not less than $10,000 (a debt) or debts at least one of which is not less than $10,000 (each debt of not less than $10,000 is also called a debt).

 (2) An entity (not an individual) also has a relevant debt interest in a *loss company at a particular time if, at that time:
 (a) the entity has a controlling stake in the loss company; and
 (b) the entity is owed by an entity (the debtor entity) other than the loss company a debt of not less than $10,000 (also a debt) or debts at least one of which is not less than $10,000 (each debt of not less than $10,000 is also called a debt); and
 (c) the debtor entity has a relevant equity interest or a relevant debt interest in the loss company.

 (3) The total of the debts referred to in subsections (1) and (2) constitutes the entity's relevant debt interest in the *loss company.

 (4) An entity (the first entity) that, apart from this subsection, would have a relevant debt interest in a *loss company at a particular time does not have such an interest if, at that time, there is no other entity that has a direct or indirect interest in, or is owed a debt by, the first entity, being an interest or debt in respect of which:
 (a) the other entity could, if a *CGT event happened in respect of the interest or debt, make a *capital loss (other than a capital loss that would be disregarded) that reflects any part of the loss company's overall loss; or
 (b) the other entity could deduct, or can deduct or could deduct at a later time:
 (i) an amount in respect of the cost of the *acquisition of the interest or