Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p45
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 45/59)
Character Range: 2644187–2646918

shareholders. Following the demerger all of the shareholders in Company A, including Peter, will own all of the shares in Company B (their new interests).
 (2) You cannot choose to obtain a roll‑over under this Subdivision for an original interest if:
 (a) you are a foreign resident; and
 (b) the new interest you *acquire under the *demerger in exchange for that original interest is not *taxable Australian property just after you acquire it.
Note: For taxable Australian property, see section 855‑15.

125‑60  Meaning of ownership interest and related terms
 (1) An ownership interest in a company or trust is:
 (a) for a company, a *share in the company or an option, right or similar interest issued by the company that gives the owner an entitlement to *acquire a share in the company; and
 (b) for a trust, a unit or other interest in the trust or an option, right or similar interest issued by the trustee that gives the owner an entitlement to acquire a unit or other interest in the trust.
 (2) However, this Subdivision applies to a *dual listed company voting share in a company that is the *head entity of a *demerger group as if it were not an ownership interest if there are not more than 5 of those *shares in the company.
 (3) A dual listed company voting share is a *share in a company:
 (a) issued:
 (ii) as part of a *dual listed company arrangement; and
 (iii) mainly for the purpose of ensuring that shareholders of both companies involved in the arrangement vote as a single decision‑making body on matters affecting them; and
 (b) that does not carry rights to financial entitlements (except the return of the amount paid up on the share and a dividend that is the equivalent of a dividend paid on an ordinary share).
 (4) A dual listed company arrangement is an *arrangement under which 2 publicly listed companies, while maintaining their separate legal entity status, shareholdings and listings, align their strategic directions and the economic interests of their respective shareholders through:
 (a) the appointment of common (or almost identical) boards of directors, except where the effect of the relevant regulatory requirements prevents this; and
 (b) management of the operations of the 2 companies on a unified basis; and
 (c) the shareholders of both companies voting in effect as a single decision‑making body on substantial issues affecting their combined interests; and
 (d) equalised distributions to shareholders in accordance with an equalisation ratio applying between the 2 companies, both generally and in the event of a winding up of one or both of the companies; and
 (e) cross‑guarantees as to, or similar financial support for, each other's substantial obligations or operations,