Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:1_18:p16
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 1 cl 18 (pt 16/23)
Character Range: 58961–61438

any part of the loss company's overall loss; or
 (b) the other entity could deduct, or can deduct or could deduct at a later time:
 (i) an amount in respect of the cost of the *acquisition of the interest or debt; or
 (ii) a net loss on the *disposal of the interest or debt;
  where the deduction reflects, or would have reflected, any part of the loss company's overall loss.

 (5) However, subsection (4) does not apply to the first entity in respect of a particular time if an entity that had a direct or indirect interest in, or was owed a debt by, the first entity at an earlier time:
 (a) made a capital loss (other than a capital loss that would be disregarded) at an earlier time because a *CGT event happened in respect of the interest or debt, where the capital loss reflected any part of the *loss company's overall loss; or
 (b) has deducted or could have deducted at an earlier time, or could deduct at a later time, an amount in respect of the cost of the *acquisition, or a net loss on the *disposal, of the interest or debt, where the deduction reflected or would have reflected, or would reflect, as the case may be, any part of the company's overall loss.

 (6) An individual is not taken to have a relevant debt interest in a *loss company at any time.

 (7) A *partnership that consists only of individuals is not taken to have a relevant debt interest in a *loss company at any time.

 (8) If section 106‑30, 106‑50 or 106‑60 would treat an act referred to in that section that is done in relation to a debt as having been done by an individual, the debt is not a relevant debt interest.

165‑115Z  What constitutes a controlling stake in a company

 (1) An entity has a controlling stake in a company at a particular time if the entity, or the entity and the entity's *associates between them:
 (a) are able at that time to exercise, or control the exercise of, more than 50% of the voting power in the company (either directly, or indirectly through one or more interposed entities); or
 (b) have at that time the right to receive (either directly, or indirectly through one or more interposed entities) more than 50% of any dividends that the company may pay; or
 (c) have at that time the right to receive (either directly, or indirectly through one or more interposed entities) more than 50% of any distribution of capital of the company.

Note: The effect of subsection (1) is that, if an entity has a controlling stake in a company, each associate