Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 960.140

    A * membership interest in a * corporate tax entity is an ordinary membership interest if:

  (a)   in the case of a membership interest in a company--it is an ordinary share; and

  (b)   in the case of a membership interest in a * corporate limited partnership--it is an interest in the income of the partnership; and

  (c)   in the case of a membership interest in a * public trading trust--it is a unit in the trust.

Table of sections

960 - 180   Total participation interest

960 - 185   Indirect participation interest

960 - 190   Direct participation interest

960 - 195   Non - portfolio interest test