Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.440

    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.