Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 165.205

  (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.