Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of a test, the Commissioner may treat a person as not having beneficially owned particular * shares at a particular time if the conditions in subsections (2) and (3) are met.
Example: The Commissioner may treat a person as not having beneficially owned redeemable shares at a particular time if the conditions in subsections (2) and (3) are met in respect of those shares.
(2) An * arrangement must have been entered into at some time that in any way (directly or indirectly) related to, affected, or depended for its operation on:
(a) the beneficial interest in the * shares, or the value of that beneficial interest; or
(b) a right carried by, or relating to, the shares; or
(c) the exercise of such a right.
(3) The * arrangement must also have been entered into for the purpose, or for purposes including the purpose, of eliminating or reducing a liability of an entity to pay income tax for a * financial year.