Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_8:p14
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 8 (pt 14/14)
Character Range: 513342–515528

income; and

 (b) the dividend or income were then successively paid or distributed by each entity interposed between the other entity and the ultimate owner.

Subdivision 149‑B—When asset of non‑public entity stops being a pre‑CGT asset

Table of sections

149‑25 Which entities are affected
149‑30 Effects if asset no longer has same majority underlying ownership
149‑35 Cost base elements of asset that stops being a pre‑CGT asset

149‑25  Which entities are affected

  This Subdivision provides for when a *CGT asset of an entity stops being a *pre‑CGT asset (unless the entity is covered by section 149‑50).

Note: Subdivision 149‑C deals with when an asset of such an entity stops being a pre‑CGT asset.

149‑30  Effects if asset no longer has same majority underlying ownership

 (1) The asset stops being a *pre‑CGT asset at the earliest time when *majority underlying interests in the asset were not had by *ultimate owners who had *majority underlying interests in the asset immediately before 20 September 1985. Also, Part 3‑1 and this Part (except this Division) apply to the asset as if the entity had acquired it at that earliest time.

 (2) If the Commissioner is satisfied, or thinks it reasonable to assume, that at all times on and after 20 September 1985 and before a particular time *majority underlying interests in the asset were had by *ultimate owners who had *majority underlying interests in the asset immediately before that day, subsection (1) applies as if that were in fact the case.

New owner standing in shoes of former owner

 (3) Subsection (4) affects how the *majority underlying interests in the asset are worked out if an *ultimate owner (the new owner) has acquired a percentage (the acquired percentage) of the *underlying interests in the asset because of an event described in column 2 of an item in the table. The former owner is the entity described in column 3 of that item.

Events leading to new owner standing in for former owner
Item                                                      For this kind of event:                                                                                         The former owner is: