Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 165.150

Who has more than 50% of the voting power in the company

The primary test

  (1)   Applying the primary test: if there are persons who, at a particular time, beneficially own (between them) * shares that carry (between them) the right to exercise more than 50% of the voting power in the company, those persons have more than 50% of the voting power in the company at that time.

The alternative test

  (2)   Applying the alternative test: if it is the case, or it is reasonable to assume, that there are persons (none of them companies or * trustees) who (between them) at a particular time control, or are able to control (whether directly, or indirectly through one or more interposed entities) the voting power in the company, those persons have more than 50% of the voting power in the company at that time.


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