Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aak:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAK (pt 3/4)
Character Range: 732786–735328

to exist for the purposes of this Act; and
 (b) an actual transfer of property or services is made to a trust estate (in this subsection called the transferee) as a consequence of the transferor being wound‑up or ceasing to exist;
the transferor is taken to have transferred to the transferee the property or services concerned.
 (11) For the purposes of this Division, where:
 (a) the following subparagraphs apply to an entity (in this subsection called the defunct entity):
 (i) the defunct entity is a company, a partnership or the trustee of a trust estate;
 (ii) the defunct entity transferred property or services to a trust estate (including a transfer that was taken to have been made because of another application or other applications of this subsection) at a particular time;
 (iii) if the defunct entity is a company—any of the following events occurs:
 (A) the company passes a resolution for its winding‑up;
 (B) an order is made for the winding‑up of the company;
 (C) any similar event;
 (iv) if the defunct entity is a partnership—the partnership ceases to exist for the purposes of this Act;
 (v) if the defunct entity is a trustee of a trust estate—either of the following sub‑subparagraphs applies:
 (A) the trust estate commences to be wound‑up;
 (B) the trust estate ceases to exist for the purposes of this Act; and
 (b) the Commissioner is satisfied that another entity (in this subsection called the successor entity) has benefited or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting (either directly or indirectly through one or more interposed companies, partnerships or trusts) by, or as a result of:
 (i) a transfer of property or services made by the defunct entity; or
 (ii) a transfer of property or services made as a consequence of the defunct entity being wound‑up or ceasing to exist; and
 (c) the Commissioner is of the opinion that it is appropriate to apply this subsection to the successor entity;
the assessable income of the successor entity of the year of income in which the event, or the earliest event, mentioned in subparagraph (a)(iii), (iv) or (v) occurred and of each subsequent year of income is to be determined as if the successor entity had transferred to the trust estate mentioned in subparagraph (a)(ii), at the time mentioned in that subparagraph:
 (d) the whole of the property or services mentioned in that subparagraph; or
 (e) if the Commissioner thinks it appropriate—a part of the property or services referred to in that subparagraph.