Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2:p5
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 5/9)
Character Range: 532933–535626

any distributions of capital of the interposed company in respect of each *capital shareholding of less than 1% in the interposed company at that time.

 (2) If the head entity makes the determination on the basis mentioned in subsection (1), it must also make it on the basis that the *ultimate owners who at that time had the right to receive for their own benefit (whether directly, or *indirectly through one or more interposed entities):

 (a) any *dividends the interposed company may pay in respect of each *dividend shareholding of less than 1% in the interposed company at that time; and

 (b) any distributions of capital of the interposed company in respect of each *capital shareholding of less than 1% in the interposed company at that time;

did not have that right.

Notional unitholder

 (3) The entity may make the determination on the basis that, for each interposed trust that is a *publicly traded unit trust, a different single notional individual (the notional holder) had the right to receive, for his or her own benefit and directly:

 (a) any income that the interposed trust may distribute in respect of each *income unitholding of less than 1% in the interposed trust at that time; and

 (b) any distributions of capital of the interposed trust in respect of each *capital unitholding of less than 1% in the interposed trust at that time.

 (4) If the head entity makes the determination on the basis mentioned in subsection (3), it must also make it on the basis that the *ultimate owners who at that time had the right to receive for their own benefit (whether directly, or indirectly through one or more interposed entities):

 (a) any income that the interposed trust may distribute in respect of each *income unitholding of less than 1% in the interposed trust at that time; and

 (b) any distributions of capital of the interposed trust in respect of each *capital unitholding of less than 1% in the interposed trust at that time.

did not have that right.

149‑130  Notional shareholder taken to have minimum rights to distributions

  If:

 • the percentage of the distributions of capital, dividends or income of the head entity, or of the interposed company or trust, that the notional holder had the right to receive at that time;

is greater than:

 • the percentage (the lower percentage) of the distributions of capital, dividends or other income of the head entity, or of the interposed company or trust, that the notional holder had the right to receive at the end of the *starting day (as determined under subsection 149‑60(6));

the notional holder is taken to have the right to receive the lower percentage of the distributions