Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:1_20
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 1 cl 20
Character Range: 76579–78002

20  At the end of section 165‑123
Add:

Conditions in subsections (2), (3) and (4) may be treated as having been satisfied in certain circumstances

 (7) If any of the conditions in subsections (2), (3) and (4) have not been satisfied, those conditions are taken to have been satisfied if:
 (a) they would have been satisfied except for the operation of section 165‑165; and
 (b) the company has information from which it would be reasonable to conclude that less than 50% of the debt or of the part of a debt 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 in the company during the *ownership test period.

Time of happening of CGT event

 (8) The happening of any *CGT event in relation to a direct or indirect equity interest in the company that results in the failure of the company to satisfy a condition in subsection (2), (3) or (4) is taken, for the purposes of paragraph (7)(b), to have occurred during the *ownership test period.

Meaning of direct and indirect equity interests

 (9) The direct equity interests in the company are *shares in the company.

 (10) The indirect equity interests in the company are *shares or other interests in entities interposed between the company and persons referred to in subsection (2), (3) or (4).