Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:10_37:p1
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 10 cl 37 (pt 1/7)
Character Range: 112907–115632

37  After Subdivision 165‑E
Insert:

Subdivision 165‑F—Special provisions relating to ownership by non‑fixed trusts

Table of sections

165‑215 Special alternative to change of ownership test for Subdivision 165‑A
165‑220 Special alternative to change of ownership test for Subdivision 165‑B
165‑225 Special way of dividing the income year under Subdivision 165‑B
165‑230 Special alternative to change of ownership test for Subdivision 165‑C
165‑235 Information about non‑fixed trusts with interests in company
165‑240 Notices where requirements of section 165‑235 are met
165‑245 Meaning of expressions

165‑215  Special alternative to change of ownership test for Subdivision 165‑A

 (1) If a company does not meet the conditions in section 165‑12, it is nevertheless taken to meet the conditions if it meets the conditions in this section.

First condition

 (2) At all times during the *loss year and the income year:
 (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 *loss year must have held those entitlements to those shares at all times during the loss year and the income year.

Third condition

 (4) At the beginning of the *loss year:
 (a) individuals must not have had (between them), directly or indirectly, and for their own benefit, fixed entitlements to a greater than 50% share of the income of the company; or
 (b) individuals must not have had (between them), directly or indirectly, and for their own benefit, fixed entitlements to a greater than 50% share of the capital of the company.

Fourth condition

 (5) It must be the case that, for each non‑fixed trust (other than an excepted trust) that, at any time in the *loss year or the income year, held directly or indirectly a fixed entitlement to a share of the income or capital of the company, section 267‑20 of Schedule