Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:1_28
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 1 cl 28
Character Range: 85027–86267

28  Subsections 165‑230(2) and (3)
Repeal the subsections, substitute:

First condition

 (2) At all times during the *ownership test period:
 (a) both:
 (i) persons must have held fixed entitlements to all of the income and capital of the company; and
 (ii) non‑fixed trusts, other than *family trusts, must have held fixed entitlements to a 50% or greater share of the income or a 50% or greater share of the capital of the company; or
 (b) both:
 (i) a fixed trust or a company (which trust or company is the holding entity) must have held, directly or indirectly, fixed entitlements to all of the income and capital of the company; and
 (ii) non‑fixed trusts, other than *family trusts, must have held fixed entitlements to a 50% or greater share of the income or a 50% or greater share of the capital of the holding entity.

Second condition

 (3) The persons holding fixed entitlements to shares of the income, and the persons holding fixed entitlements to shares of the capital, of:
 (a) in a paragraph (2)(a) case—the company; or
 (b) in a paragraph (2)(b) case—the holding entity;
at the beginning of the *first continuity period must have held those entitlements to those shares at all times during the *ownership test period.