Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (2), a * corporate tax entity is a former exempting entity if it has, at any time, ceased to be an * exempting entity and is not again an exempting entity.
(2) If an entity that, at any time, becomes effectively owned by prescribed persons ceases to be so effectively owned within 12 months after that time, the entity is not taken, by so ceasing, to become a former exempting entity.