Document ID: chunk:federal_register_of_legislation:C2004A00898:clause:1_34:p6
Version: federal_register_of_legislation:C2004A00898
Segment Type: clause
Provision Reference: sch 1 cl 34 (pt 6/14)
Character Range: 34857–37440

company and the interest arising from the scheme is an interest covered by item 1 of the table in subsection 974‑75(1) (interest as a member or stockholder of the company).

Note: Section 974‑30 tells you when a financial benefit is taken to be provided to an entity.

 (2) The value provided is:
 (a) the value of the *financial benefit to be provided under the *scheme by the entity or a *connected entity if there is only one; or
 (b) the sum of the values of all the financial benefits provided or to be provided under the scheme by the entity or a connected entity of the entity if there are 2 or more.

Note: Section 974‑35 tells you how to value financial benefits.

 (3) The value received is:
 (a) the value of the *financial benefit received, or to be received, under the *scheme by the entity or a *connected entity of the entity if there is only one; or
 (b) the sum of the values of all the financial benefits received, or to be received, under the scheme by the entity or a connected entity if there are 2 or more.

 (4) For the purposes of paragraph (1)(b) and subsections (2) and (3):
 (a) a *financial benefit to be provided under the *scheme by the entity or a *connected entity is taken into account only if it is one that the entity or connected entity has an *effectively non‑contingent obligation to provide; and
 (b) a financial benefit to be received under the scheme by the entity or a connected entity is taken into account only if it is one that another entity has an effectively non‑contingent obligation to provide.

Multiple financial benefits

 (5) Paragraphs (1)(b) and (c) apply to 2 or more *financial benefits whether they are provided at the same time or over a period of time.

Regulations

 (6) The regulations:
 (a) may specify circumstances in which paragraph (1)(d) is satisfied or not satisfied; and
 (b) may otherwise specify rules to be applied in determining whether or not paragraph (1)(d) is satisfied.

974‑25  Exceptions to the debt test

Short term schemes

 (1) A *scheme does not satisfy the debt test in subsection 974‑20(1) in relation to an entity if:
 (a) at least a substantial part of a *financial benefit mentioned in that subsection does not consist of either of the following or a combination of either of the following:
 (i) a liquid or monetary asset;
 (ii) an amount of money; and
 (b) the scheme requires the financial benefit mentioned in paragraph 974‑20(1)(c) to be provided within a period of no more than 100 days of the receipt of the first financial benefit mentioned in paragraph 974‑20(1)(b); and
 (c) the