Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p76
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 76/79)
Character Range: 2389990–2392684

of this Subdivision, trusts are of the following kinds:
 (a) unlisted widely held trust;
 (b) unlisted very widely held trust;
 (c) wholesale widely held trust;
 (d) listed widely held trust.
 (3) The kinds of trust are allocated levels in the following order (from lowest to highest): unlisted widely held trust, unlisted very widely held trust, wholesale widely held trust and listed widely held trust.

Subdivision 272‑K—Trusts beginning or ceasing to exist

272‑130  Trusts beginning or ceasing to exist
  If:
 (a) under any provision of this Schedule, a trust is required to meet a condition at one or more times or at all times during a period; and
 (b) the trust does not exist during a part of the period;
the period does not include that part.

Subdivision 272‑L—Listed public company

272‑135  Listed public company

Basic meaning
 (1) A listed public company is a company whose shares (except those that carry a right to a fixed rate of dividend) are listed for quotation in the official list of an approved stock exchange.

Exceptions
 (2) However, a company is not a listed public company if:
 (a) a person (who is not a company) controls, or is able to control, or up to 20 persons (none of them companies) between them control, or are able to control, 75% or more of the voting power in the company (whether directly, or indirectly through one or more interposed companies, partnerships or trusts); or
 (b) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or indirectly through one or more interposed companies, partnerships or trusts) 75% or more of any dividends that the company may pay; or
 (c) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or indirectly through one or more interposed companies, partnerships or trusts) 75% or more of any distribution of capital of the company.

Meaning of right to receive dividends or distribution of capital indirectly
 (3) For the purposes of subsection (2), persons have the right to receive dividends or a distribution of capital of a company indirectly for their own benefit if they would receive the dividends or capital for their own benefit if:
 (a) the company were to pay the dividends or distribute the capital; and
 (b) the dividends or capital were then successively paid or distributed by each company, partnership or trust interposed between the company and those persons.

Meaning of distribute
 (4) Section 272‑50 is disregarded in determining the meaning of distribute in paragraphs (3)(a)