Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 1/18)
Character Range: 2802295–2805210

2                                                         the death of a person                                                                                                          that person

 (5) The evidence must be treated on the assumption that the new owner had (in addition to any other *underlying interests), at any time when the former owner had a percentage (the former owner's percentage) of the *underlying interests in the asset, a percentage of the underlying interests in the asset equal to the acquired percentage, or the former owner's percentage at that time, whichever is the less.

Determining the end of a day
 (6) For the purposes of this section, the end of a day is determined according to legal time in the place where the records of ownership of shares or other interests in the entity are kept.

149‑70  Effects if asset no longer has same majority underlying ownership
 (1) The asset stops being a *pre‑CGT asset if the condition in subsection 149‑60(1) is not satisfied.
 (2) Also, Part 3‑1 and this Part (except this Division) apply to the asset as if the entity had acquired it at the end of the *test day (as determined under subsection 149‑55(4)).

149‑75  Cost base elements of asset that stops being a pre‑CGT asset
 (1) This section affects the *cost base and *reduced cost base of the asset if it stops being a *pre‑CGT asset.
 (2) The first element of each is the asset's *market value at the time referred to in subsection 149‑70(2).

149‑80  No more evidence needed after asset stops being a pre‑CGT asset
  After the asset stops being a *pre‑CGT asset, the entity need not give the Commissioner any more evidence about it under section 149‑55.

Subdivision 149‑F—How to treat a "demutualised" public entity

Table of sections
149‑162 Subdivision applies only if entity gives sufficient evidence
149‑165 Members treated as having underlying interests in assets until demutualisation
149‑170 Effect of demutualisation of interposed company

149‑162  Subdivision applies only if entity gives sufficient evidence
 (1) This Subdivision applies only if, on the basis solely of evidence the entity gives the Commissioner, the Commissioner is satisfied, or thinks it reasonable to assume, that this Subdivision applies to the entity.
 (2) The evidence must be given in a form that makes it readily apparent whether this Subdivision applies.

149‑165  Members treated as having underlying interests in assets until demutualisation
 (1) This section modifies the treatment of evidence that an entity gives the Commissioner under section 149‑55 as to the *ultimate owners who had *underlying interests in the asset at a particular time if the entity:
 (a) was:
 (i) a *mutual insurance company; or
 (ii) a *mutual affiliate company;
  at the end of the *starting day (as determined under subsection 149‑60(6)); and
 (b) has since stopped being a company of either of those kinds,