Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 165.155

Who has rights to more than 50% of the company's dividends

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 receive more than 50% of any * dividends that the company may pay, those persons have rights to more than 50% of the company's dividends 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) who (between them) at a particular time have the right to receive for their own benefit (whether directly or * indirectly) more than 50% of any * dividends that the company may pay, those persons have rights to more than 50% of the company's dividends at that time.



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