Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_6:p6
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 6/6)
Character Range: 596758–598193

if:

 (a) a person has obtained or will obtain a tax benefit in connection with a *scheme; and

 (b) the scheme would not have been entered into or carried out if the debt had not been incurred and the debt (or the relevant part of the debt) had not been written off (or able to be written off) as bad.

 (2) However, the Commissioner cannot disallow any of the deduction if:

 (a) the person had a *shareholding interest in the company at some time during the income year; and

 (b) the Commissioner considers the tax benefit to be fair and reasonable having regard to that shareholding interest.

 (3) An expression means the same in this section as in Part IVA of the Income Tax Assessment Act 1936.

Subdivision 175‑D—Shareholding interest in the company

Table of sections

175‑95 When a person has a shareholding interest in the company

175‑95  When a person has a shareholding interest in the company

 (1) A person has a shareholding interest in the company if the person is the beneficial owner of:

 (a) *shares in the company; or

 (b) an interest in *shares in the company.

 (2) A person also has a shareholding interest in the company if:

 (a) the person has a shareholding interest in another company; and

 (b) the other company has a shareholding interest in the company (including one resulting from any other application or applications of this subsection).

[The next Division is Division 195.]