Document ID: chunk:federal_register_of_legislation:C2014C00751:clause:1_38
Version: federal_register_of_legislation:C2014C00751
Segment Type: clause
Provision Reference: sch 1 cl 38
Character Range: 60416–61462

38  Subsections 125‑75(2) and (3)
Repeal the subsections, substitute:
 (2) An *ownership interest, in a company, that is owned by an entity is disregarded under subsection (1) if:
 (a) the entity acquired a beneficial interest in the ownership interest under an *employee share scheme; and
 (b) either Subdivision 83A‑B and subsections 83A‑35(3) to (9), or Subdivision 83A‑C, applies to the beneficial interest; and
 (c) the ownership interest is not a fully‑paid ordinary *share.
 (3) An *ownership interest, in a trust, that is owned by an entity is disregarded under subsection (1) if:
 (a) both of the following would apply if Division 83A (about employee share schemes) applied to ownership interests in trusts in the same way as it applies to *shares:
 (i) the entity acquired a beneficial interest in the ownership interest under an *employee share scheme;
 (ii) either Subdivision 83A‑B and subsections 83A‑35(3) to (9), or Subdivision 83A‑C, applies to the beneficial interest; and
 (b) the ownership interest is not a fully‑paid unit.