Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:13_5:p7
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 13 cl 5 (pt 7/7)
Character Range: 187546–189345

an employee of the former exempting entity, or of a *company that is a *subsidiary of the former exempting entity, at the time the distribution is made; and
 (b) the recipient acquired the *share on which the distribution is made under an *employee share scheme in circumstances specified as relevant in section 208‑215; and
 (c) the recipient does not hold that share as a trustee.

208‑240  Distributions to certain individuals
  Division 207 also applies to a *distribution *franked with an exempting credit made by a *former exempting entity as if it were a *franked distribution if:
 (a) a *corporate tax entity other than a former exempting entity became an *exempting entity; and
 (b) immediately before the entity became an exempting entity all the accountable membership interests and accountable partial interests were beneficially owned (whether directly or indirectly) by natural persons who were *Australian residents; and
 (c) the entity became an exempting entity because some or all of the persons mentioned in paragraph (b) ceased to be Australian residents; and
 (d) the entity becomes a former exempting entity because all of the persons mentioned in paragraph (b) are or have become Australian residents; and
 (e) an amount attributable to a distribution *franked with an exempting credit made by the entity is included in the assessable income of such a person; and
 (f) all the accountable membership interests or accountable partial interests in the entity were, throughout the period beginning when the entity became an exempting entity and ending when the amount was received by the person, beneficially owned (directly or indirectly) by the person mentioned in paragraph (b); and
 (g) the person is an eligible continuing substantial member in relation to the distribution.