Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2:p2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 2/3)
Character Range: 518418–520969

determine periodically whether asset still has same majority underlying ownership

 (1) Within 6 months after each *test day, the entity must examine its records to make a determination about the *majority underlying interests in the asset at the end of that day. (The Commissioner can extend the period for making the determination.)

Test days

 (2) Each of these days is a test day:

 (a) a day that is 5 years (or a multiple of 5 years) after 20 January 1997 (but see subsection (3));

 (b) if the entity is covered by paragraph 149‑50(1)(a), (e) or (f)—a day on which there is *abnormal trading in *shares in the company;

 (c) if the entity is a *publicly traded unit trust—a day on which there is *abnormal trading in units in the trust;

 (d) if the entity is a company all the *shares in which are beneficially owned:

 (i) by a company *shares in which (except shares that carry the right to a fixed rate of *dividend) are listed for quotation in the official list of an *approved stock exchange; or

 (ii) by a *publicly traded unit trust;

  a day on which there is *abnormal trading in *shares in the other company or in units in that unit trust;

 (e) if the entity is a 100% subsidiary of a company of the kind first mentioned in paragraph (d)—a day on which there is *abnormal trading in *shares in the company referred to in subparagraph (d)(i) or in units in that unit trust.

Note: Subsections (6) and (7) change the normal rules about abnormal trading.

 (3) If a day (the fifth anniversary) that would otherwise be a *test day because of paragraph (2)(a) is:

 (a) a Saturday; or

 (b) a Sunday; or

 (c) a day that is a public holiday or a bank holiday in the place where the records of ownership of shares or other interests in the entity are kept;

the next day that is not covered by a paragraph of this subsection is a test day instead of the fifth anniversary.

Determining the end of a day

 (4) For the purposes of this section, the end of a day is determined according to legal time in the place where the records of ownership of shares or other interests in the entity are kept.

Special rules about abnormal trading

 (5) Subsections (6) and (7) change how Subdivision 960‑H applies for the purposes of determining under this section whether there is *abnormal trading in *shares in a company or in units in a unit trust.

 (6) An issue, redemption or transfer, or any other dealing, is a trading if, and only if, it changes the respective proportions in which *ultimate owners have *underlying