Document ID: chunk:federal_register_of_legislation:C2010C00685:clause:1_16
Version: federal_register_of_legislation:C2010C00685
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 12189–13756

16  After subsection 160ZZPT(1)
Insert:

Active asset may be nominated

 (1AA) An active asset is an approved asset.

Certain shares may be nominated

 (1AB) A share in a company is an approved asset in respect of a taxpayer if:
 (a) the taxpayer is an individual (other than an individual who is acting as a trustee); and
 (b) the company is, in respect of a year of income in which the share is acquired by the taxpayer, a private company that is a resident; and
 (c) the taxpayer is the controlling individual of the company immediately after the share is acquired by the taxpayer; and
 (d) the total of the market values of all the active assets of the company at the time of the acquisition of the share by the taxpayer is not less than 80% of the total of the market values of all the company's assets at that time.

Certain units in unit trusts may be nominated

 (1AC) A unit in a unit trust is an approved asset in respect of a taxpayer if:
 (a) the taxpayer is an individual (other than an individual who is acting as a trustee); and
 (b) the trust is, in respect of a year of income in which the unit is acquired by the taxpayer, a resident unit trust that is not a publicly traded unit trust; and
 (c) the taxpayer is the controlling individual of the trust immediately after the unit is acquired by the taxpayer; and
 (d) the total of the market values of all the active assets of the trust at the time of the acquisition of the unit by the taxpayer is not less than 80% of the total of the market values of all the assets of the trust at that time.