Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 3/3)
Character Range: 2799543–2802005

(7) change how Subdivision 960‑H applies for the purposes of determining under this section whether there is *abnormal trading in *shares in a company or in units in a unit trust.
 (6) An issue, redemption or transfer, or any other dealing, is a trading if, and only if, it changes the respective proportions in which *ultimate owners have *underlying interests in *CGT assets of the company or trust.
 (7) Section 960‑235 (about suspected transactions involving 5% or more of *shares in the company or units in the trust) is disregarded.

149‑60  What the evidence must show
 (1A) To avoid the consequences in section 149‑70, the following condition must be complied with.
 (1) On the basis solely of the evidence given to the Commissioner under subsection 149‑55(1), the Commissioner must be satisfied that, or think it reasonable to assume that, at the end of the *test day, *majority underlying interests in the asset were had by *ultimate owners who also had *majority underlying interests in the asset at the end of the starting day. The starting day is:
 (a) a day the entity chooses under subsection (2); or
 (b) if no day is so chosen—19 September 1985.
 (2) The day chosen:
 (a) must be no earlier than 1 July 1985 and no later than 30 June 1986; and
 (b) must be one the choice of which will allow evidence to be given that enables a reasonable approximation of the *ultimate owners who had *underlying interests in the assets of the entity at the end of 19 September 1985.

How unidentified owners are treated
 (3) So far as the evidence does not show who had *underlying interests in the asset at the end of the *starting day, the evidence must be treated on the assumption that those interests were then had by *ultimate owners who did not have *underlying interests in the asset at the end of the *test day.

New owner standing in the shoes of former owner
 (4) Subsection (5) affects how the evidence must be treated if an *ultimate owner (the new owner) has acquired a percentage (the acquired percentage) of the *underlying interests in the asset because of an event described in column 2 of an item in the table. The former owner is the entity described in column 3 of that item.

Events leading to new owner standing in for former owner
Item                                                      For this kind of event:                                                                                                        The former owner is: