Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_72
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 72
Character Range: 24544–26167

72  Section 165‑207
Repeal the section, substitute:

165‑207  Trustees of family trusts

 (1) This section applies if one or more trustees of a *family trust:
 (a) owns *shares in a company; or
 (b) controls, or is able to control, (whether directly, or indirectly through one or more interposed entities) voting power in a company; or
 (c) has a right to receive (whether directly, or *indirectly through one or more interposed entities) a percentage of a *dividend or a distribution of capital of a company.

 (2) For the purposes of a primary test, a single notional entity that is a person (but is neither a company nor a trustee) is taken to own the *shares beneficially.

Note: For a primary test, see subsections 165‑150(1), 165‑155(1) and 165‑160(1).

 (3) For the purposes of an alternative test, a single notional entity that is a person (but is neither a company nor a trustee) is taken:
 (a) to control, or have the ability to control, the voting power in the company; or
 (b) to have the right to receive (whether directly or *indirectly) the percentage of the *dividend or distribution for the entity's own benefit.

Note: For an alternative test, see subsections 165‑150(2), 165‑155(2) and 165‑160(2).

 (4) If a trustee of the trust is subsequently replaced by another trustee of the trust, the same single notional entity is taken:
 (a) to own the *shares beneficially; or
 (b) to control, or have the ability to control, the voting power in the company; or
 (c) to have the right to receive (whether directly or *indirectly) the percentage of the *dividend or distribution for the entity's own benefit.