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INCOME TAX ASSESSMENT ACT 1997 - SECT 328.440

Ultimate economic ownership--discretionary trusts

                   For the purposes of paragraph 328-430(1)(c), a transaction does not have the effect of changing the ultimate economic ownership of an asset, or any individual's share of that ultimate economic ownership, if:

                     (a)  either or both of the following applies:

                              (i)  just before the transaction took effect, the asset was included in the property of a * non-fixed trust that was a * family trust;

                             (ii)  just after the transaction takes effect, the asset is included in the property of a non-fixed trust that is a family trust; and

                     (b)  every individual who, just before the transfer took effect, had the ultimate economic ownership of the asset was a member of the family group (within the meaning of Schedule 2F to the Income Tax Assessment Act 1936 ) relating to the trust or trusts referred to in paragraph (a); and

                     (c)  every individual who, just after the transfer takes effect, has the ultimate economic ownership of the asset is a member of that family group.



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