Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 165.205

Death of share owner

             (1)  If an individual beneficially owns * shares in a company when he or she dies, this section applies if and while the shares:

                     (a)  are owned by the trustee of the deceased's estate; or

                     (b)  are beneficially owned by someone who receives them as a beneficiary of the deceased's estate.

             (2)  For the purposes of a test:

                     (a)  the * shares are taken to continue to be beneficially owned by the deceased; and

                     (b)  as a result of being taken to continue to beneficially own the shares, the deceased is taken to continue:

                              (i)  to have any rights to exercise, or to be able to control (whether directly, or indirectly through one or more interposed entities), any of the voting power in the company; and

                             (ii)  to have any rights to receive for the deceased's own benefit (whether directly or * indirectly) any * dividends that the company may pay; and

                            (iii)  to have any rights to receive for the deceased's own benefit (whether directly or indirectly) any distributions of capital of the company.



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