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INCOME TAX ASSESSMENT ACT 1997 - SECT 328.435

Genuine restructures--safe harbour rule

                   For the purposes of paragraph 328-430(1)(a) (but without limiting that paragraph), a transaction is, or is a part of, a genuine restructure of an ongoing * business if, in the 3 year period after the transaction takes effect:

                     (a)  there is no change in ultimate economic ownership of any of the significant assets of the business (other than * trading stock) that were transferred under the transaction; and

                     (b)  those significant assets continue to be * active assets; and

                     (c)  there is no significant or material use of those significant assets for private purposes.



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