Document ID: chunk:federal_register_of_legislation:C2011C00519:clause:8_6:p5
Version: federal_register_of_legislation:C2011C00519
Segment Type: clause
Provision Reference: sch 8 cl 6 (pt 5/5)
Character Range: 173653–175034

the liability that is in respect of any one of those assets is such amount as is reasonable having regard to the *market values of each of those assets.

124‑1065  Certain foreign holders disregarded

 (1) This section has effect if:
 (a) *ownership interests are owned by a foreign holder within the meaning of the Corporations Act 2001; and
 (b) an agent or nominee is appointed by (or on behalf of) the foreign holder; and
 (c) the interests are *disposed of to the interposed trust, or are cancelled; and
 (d) as a result, the agent or nominee acquires new units or new options, rights or similar interests, or both, in the interposed trust; and
 (e) the agent or nominee disposes of those ownership interests in the interposed trust (whether separately or together with other ownership interests covered by paragraph (d)); and
 (f) the agent or nominee:
 (i) gives the foreign holder an amount equivalent to the *capital proceeds of the disposal (less expenses); or
 (ii) if the ownership interests are disposed of together with other ownership interests covered by paragraph (d)—gives the foreign holder an amount equivalent to the foreign holder's proportion of the capital proceeds of the disposal (less expenses).

 (2) This Subdivision has effect as if the foreign holder were not an exchanging member.

Part 2—Consequential amendments

Income Tax Assessment Act 1997