Document ID: chunk:federal_register_of_legislation:C2014A00110:clause:5_106
Version: federal_register_of_legislation:C2014A00110
Segment Type: clause
Provision Reference: sch 5 cl 106
Character Range: 83010–84084

106  Section 165‑205
Repeal the section, substitute:

165‑205  Death of share owner
 (1) If an individual beneficially owns *shares in a company when he or she dies, this section applies if and while the shares:
 (a) are owned by the trustee of the deceased's estate; or
 (b) are beneficially owned by someone who receives them as a beneficiary of the deceased's estate.
 (2) For the purposes of a test:
 (a) the *shares are taken to continue to be beneficially owned by the deceased; and
 (b) as a result of being taken to continue to beneficially own the shares, the deceased is taken to continue:
 (i) to have any rights to exercise, or to be able to control (whether directly, or indirectly through one or more interposed entities), any of the voting power in the company; and
 (ii) to have any rights to receive for the deceased's own benefit (whether directly or *indirectly) any *dividends that the company may pay; and
 (iii) to have any rights to receive for the deceased's own benefit (whether directly or indirectly) any distributions of capital of the company.