Document ID: chunk:federal_register_of_legislation:C2004A00846:clause:1_1:p20
Version: federal_register_of_legislation:C2004A00846
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 20/21)
Character Range: 47247–49768

a 40% interest in assets used in the partnership *business, and:
 (a) if the other entity is a company—the same partner, or the same 2 or more partners, have the right to receive at least 40% of any distribution of income or capital by the other entity, or to exercise, or to control the exercise of, at least 40% of the voting power in the company; or
 (b) if the other entity is a *fixed trust—the same partner, or the same 2 or more partners, have the right to receive at least 40% of any distribution of income or capital by the other entity; or
 (c) if the other entity is a trust that is not a fixed trust—a condition in a paragraph of subsection (4) is satisfied for the same partner, or the same 2 or more partners in relation to the trust; or
 (d) if the other entity is a partnership—the same partner, or the same 2 or more partners, have the right to receive at least 40% of the partnership net income, or have at least a 40% interest in assets used in the partnership business, of the other entity.

 (7) If the control percentage mentioned in this section is at least 40%, but less than 50%, then the Commissioner may determine that the first entity does not control the other entity if the Commissioner is satisfied, or thinks it reasonable to assume, that the other entity is controlled by an entity other than, or by entities that do not include, the first entity or any of its *STS affiliates.

 (8) An entity is an STS affiliate of yours if the entity acts, or could reasonably be expected to act, in accordance with your directions or wishes, or in concert with you, in relation to the affairs of the entity's *business.

 (9) Another partner in a partnership in which you are a partner is not your STS affiliate only because the partner acts, or could reasonably be expected to act, in concert with you in relation to the affairs of the partnership.

Subdivision 328‑G—Entering and leaving the STS

Guide to Subdivision 328‑G

328‑430  What this Subdivision is about

      Eligible taxpayers have a choice as to whether to enter the STS.
      The rules for entering and leaving the STS are set out in this Subdivision.

Table of sections

Operative provisions

328‑435 Entering the STS
328‑440 Leaving the STS

[This is the end of the Guide.]

Operative provisions

328‑435  Entering the STS

  You are an STS taxpayer for an income year if:
 (a) you are eligible to be an *STS taxpayer for that year (see Subdivision 328‑F); and
 (b) you notify the Commissioner, in the *approved form, of your