Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2:p8
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 8/9)
Character Range: 540365–543128

government body

 (1) If:

 (a) the interposed fund or body had more than 50 members at that time; or

  (b) the interposed fund or body is covered by any of paragraphs 149‑150(2)(g) to (j) (which describe certain Australian and foreign government bodies);

the head entity may make the determination on the basis that the interposed fund or body was at that time an individual who had the right to receive, for his or her own benefit, the percentage of distributions, *dividends or income mentioned in paragraph 149‑150(3)(a) or (b).

If fund or special company has not more than 50 members

 (2) Otherwise, the head entity may make the determination on the basis that each member of the interposed fund or body was at that time an individual who had a right to receive, for his or her own benefit, an equal proportion of the percentage of distributions, *dividends or income mentioned in paragraph 149‑150(3)(a) or (b).

Persons who actually had the right are taken not to have had it

 (3) If the head entity makes the determination on the basis mentioned in subsection (1) or (2), it must also make it on the basis that the *ultimate owners who at that time had the right mentioned in subsection 149‑150(3) did not have that right (except as provided by subsection (2) of this section).

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

Table of sections

149‑165 Members treated as having underlying interests in assets until demutualisation
149‑170 Effect of demutualisation of interposed company

149‑165  Members treated as having underlying interests in assets until demutualisation

 (1) This section modifies how the entity may determine under section 149‑60 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, but has continued in existence as either a company covered by paragraph 149‑50(1)(a), (e) or (f) or a *publicly traded unit trust; and

 (c) when it stopped being an entity of either of those kinds (the stopping time), had more than 50 members.

 (2) The entity may make the determination on the basis that an *ultimate owner who:

 (a) immediately before the stopping time was a member of the entity; and

 (b) immediately after the stopping time had an *underlying interest in the asset;

had the interest at all times from and including the end of the *starting day until immediately after the stopping time.

149‑170  Effect of demutualisation of interposed company

 (1) This section modifies how the entity (the