Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 5/46)
Character Range: 3066459–3069039

old shares.

What happens in case of consolidation of units in a unit trust
 (5) If:
 (a) a particular unit (an old unit) in a unit trust of which a person is the holder at the start of a *test period and other units (each of which also called an old unit) in the trust of which the person is the holder at the start of that period are consolidated into a new unit; and
 (b) the person becomes the holder of the new unit immediately after the consolidation takes place;
the new unit is taken to be exactly the same unit as the old units.

Test period
 (6) A test period is:
 (a) for the purpose of determining whether a condition in section 165‑12 has been satisfied—the *ownership test period; or
 (b) for the purpose of determining whether a test time is a changeover time for the purposes of section 165‑115C—the period between the reference time referred to in subsection 165‑115A(2A) and the test time; or
 (c) for the purpose of determining whether a test time is an alteration time for the purposes of section 165‑115L—the period between the reference time referred to in subsection 165‑115L(2) and the test time.

Satisfaction by primary test by public company
 (7) A *public company is taken to satisfy the primary test if it is reasonable to assume that the test is satisfied.

165‑175  Tests can be satisfied by a single person
  To avoid doubt, a test for a condition can be satisfied by one person.

Rules affecting the operation of the tests

165‑180  Arrangements affecting beneficial ownership of shares
 (1) For the purposes of a test, the Commissioner may treat a person as not having beneficially owned particular *shares at a particular time if the conditions in subsections (2) and (3) are met.
Example: The Commissioner may treat a person as not having beneficially owned redeemable shares at a particular time if the conditions in subsections (2) and (3) are met in respect of those shares.
 (2) An *arrangement must have been entered into at some time that in any way (directly or indirectly) related to, affected, or depended for its operation on:
 (a) the beneficial interest in the *shares, or the value of that beneficial interest; or
 (b) a right carried by, or relating to, the shares; or
 (c) the exercise of such a right.
 (3) The *arrangement must also have been entered into for the purpose, or for purposes including the purpose, of eliminating or reducing a liability of an entity to pay income tax for a *financial year.

165‑185  Shares treated as not having carried rights
 (1) In applying a test for the purposes of this Division other than