Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 727.110

  (1)   Or, it must be the case that:

  (a)   at some time during the * IVS period, neither the * losing entity nor the * gaining entity has 300 or more members (in the case of a company) or 300 or more beneficiaries (in the case of a trust); and

  (b)   the losing entity and the gaining entity have a * common - ownership nexus within the IVS period.

For the concept of IVS period , see section   727 - 150.

For the concept of common - ownership nexus , see section   727 - 400.

  (2)   Section   124 - 810 (under which certain companies and trusts are not regarded as having 300 or more members or beneficiaries) also applies for the purposes of this Division.

  (3)   In addition, this Division applies to a * non - fixed trust as if it did not have 300 or more beneficiaries.