Document ID: chunk:federal_register_of_legislation:C2025C00014:section:350:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 350 (pt 2/2)
Character Range: 1924425–1925730

its shareholders, otherwise than on winding‑up, is to be worked out by:
 (a) ascertaining whichever of the following is applicable:
 (i) the capital of the company as at the end of the statutory accounting period;
 (ii) the profits of the company for the statutory accounting period; and
 (b) assuming that the rights to such distributions that the entity holds, or is entitled to acquire, at the test time were the same at all other times during the statutory accounting period; and
 (c) ascertaining the percentage concerned:
 (i) at the end of the statutory accounting period instead of at the test time; and
 (ii) on that assumption.
 (5) Eligible finance shares in a company are to be ignored for the purposes of the application of subsection (1) to the company.
 (6) If, at a particular time, a company is controlled by a group of 5 or fewer Australian entities, either alone or together with associates (whether or not any associate is also an Australian entity), each Australian entity in that group of 5 or fewer holds a direct control interest in the company equal to 100%.
 (7) An entity that holds a direct control interest in a company at a particular time because of subsection (6) is not to be taken to hold any direct control interest in the company at that time because of subsection (1).