Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_79:p8
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 79 (pt 8/25)
Character Range: 51677–54389

or an alteration time in respect of the company.

166‑90  Companies can choose that this Subdivision is not to apply to them

 (1) The company can choose that Subdivision 165‑CC or 165‑CD is to apply to it in respect of a *test period for the purposes of section 166‑80 without the modifications made by this Subdivision.

 (2) The company must choose on or before the day it lodges its *income tax return for the income year in which the *test period begins, or before a later day if the Commissioner allows.

Subdivision 166‑D—Tests for finding out whether the widely held or eligible Division 166 company has maintained the same owners

Guide to Subdivision 166‑D

166‑135  What this Subdivision is about

      This Subdivision has the tests to work out whether a widely held or eligible Division 166 company has maintained the same owners as between different times. (Subdivision 166‑E has rules which make it easier for the company to satisfy these tests.)
      This Subdivision also defines when there has been a corporate change in the company.

Table of sections

The ownership tests: substantial continuity of ownership

166‑145 The ownership tests: substantial continuity of ownership
166‑165 Relationship with rules in Division 165

Corporate change in a company

166‑175 Corporate change in a company

The ownership tests: substantial continuity of ownership

166‑145  The ownership tests: substantial continuity of ownership

 (1) There is substantial continuity of ownership of the company as between the start of the *test period and another time in the test period if (and only if) the conditions in this section are met.

Note: Section 166‑165, and Subdivision 166‑E, affect how this section is applied.

Voting power

 (2) There must be persons (none of them companies or trustees) who had *more than 50% of the voting power in the company at the start of the *test period. Also, those persons must have had *more than 50% of the voting power in the company immediately after the other time in the test period.

Note: To work out who had more than 50% of the voting power, see section 165‑150.

Rights to dividends

 (3) There must be persons (none of them companies) who had rights to *more than 50% of the company's dividends at the start of the *test period. Also, those persons must have had rights to *more than 50% of the company's dividends immediately after the other time in the test period.

Note: To work out who had rights to more than 50% of the company's dividends, see section 165‑155.

Rights to capital distributions

 (4) There must be persons (none of them companies) who had rights to *more than 50% of the company's capital distributions at the start of the *test