Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Within 6 months after each * test day, the entity must give the Commissioner written evidence about the * majority underlying interests in the asset at the end of that day. (The Commissioner can extend the period for doing so.)
(1A) The evidence must be given in a form that makes the information about those interests readily apparent.
(1B) The only consequences of failing to give the evidence are those set out in section 149 - 70. It is not an offence to fail to give the evidence.
(2) Each of these days is a test day :
(aa) 30 June 1999;
(a) a day that is 5 years (or a multiple of 5 years) after 30 June 1999 (but see subsection (3));
(b) if the entity is covered by paragraph 149 - 50(1)(a) or (e)--a day on which there is * abnormal trading in * shares in the company;
(c) if the entity is a * publicly traded unit trust--a day on which there is * abnormal trading in units in the trust;
(d) if the entity is a company all the * shares in which are beneficially owned, whether directly, or indirectly through one or more interposed entities, by one or more of the following:
(i) a company * shares in which (except shares that carry the right to a fixed rate of * dividend) are listed for quotation in the official list of an * approved stock exchange;
(ii) a * publicly traded unit trust;
a day on which there is * abnormal trading in * shares in the other company or in units in that unit trust.
Note: Subsections (6) and (7) change the normal rules about abnormal trading.
(3) If a day (the fifth anniversary ) that would otherwise be a * test day because of paragraph (2)(a) is:
(a) a Saturday; or
(b) a Sunday; or
(c) a day that is a public holiday or a bank holiday in the place where the records of ownership of shares or other interests in the entity are kept;
the next day that is not covered by a paragraph of this subsection is a test day instead of the fifth anniversary.
Determining the end of a day
(4) For the purposes of this section, the end of a day is determined according to legal time in the place where the records of ownership of shares or other interests in the entity are kept.
Special rules about abnormal trading
(5) Subsections (6) and (7) change how Subdivision 960 - H applies for the purposes of determining under this section whether there is * abnormal trading in * shares in a company or in units in a unit trust.
(6) An issue, redemption or transfer, or any other dealing, is a trading if, and only if, it changes the respective proportions in which * ultimate owners have * underlying interests in * CGT assets of the company or trust.
(7) Section 960 - 235 (about suspected transactions involving 5% or more of * shares in the company or units in the trust) is disregarded.