Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:1_34:p2
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 1 cl 34 (pt 2/3)
Character Range: 96452–99025

is the beneficial owner at the start of the *test period, and other shares (each of which is also called an old share) in the company of which the holding company or entity is the beneficial owner at the start of that period, are consolidated into a new share during that period; and
 (b) the holding company or entity becomes the beneficial owner of the new share immediately after the consolidation takes place;
the new share is taken to be exactly the same share as the old shares.

What happens in case of consolidation of units in a unit trust

 (6) If:
 (a) a particular unit (an old unit) in a unit trust of which the holding company, or an entity interposed between the subsidiary and the holding company, is the holder at the start of the *test period and other units (each of which is also called an old unit) in the trust of which the holding company or entity is the holder at the start of that period are consolidated into a new unit; and
 (b) the holding company or entity becomes the holder of the new unit immediately after the consolidation takes place;
the new unit is taken to be exactly the same unit as the old units.

Totals of shares or rights not affected

 (7) This section does not affect how *shares, and rights carried by shares, are counted for the purpose of determining:
 (a) the total voting power in the subsidiary; or
 (b) the total dividends that the subsidiary may pay; or
 (c) the total distributions of capital of the subsidiary.

Conditions in section 166‑145 may be treated as having been satisfied in certain circumstances

 (8) If any of the conditions in section 166‑145 have not been satisfied, those conditions are taken to have been satisfied if:
 (a) they would have been satisfied except for the operation of subsection (2) of this section; and
 (b) the subsidiary has information from which it would be reasonable to conclude that less than 50% of:
 (i) the *tax loss; or
 (ii) the *notional loss; or
 (iii) the bad debt; or
 (iv) the unrealised net loss (within the meaning of section 165‑115E);
  as the case requires, has been reflected in deductions, capital losses, or reduced assessable income, that occurred, or could occur in future, because of the happening of any *CGT event in relation to any direct or indirect equity interests held by the holding company in the subsidiary during the *test period.

Subsection (8) not to apply for purpose of determining whether an alteration time has occurred

 (9) However, subsection (8) does not apply in relation to any of the conditions in section 166‑145 in so far as