Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 974.150

  (1)   The Commissioner:

  (a)   may determine that what would otherwise be a single * scheme is to be treated for the purposes of this Division as 2 or more separate schemes; and

  (b)   may determine that the schemes are to be taken for the purposes of this Division to not be * related schemes.

  (2)   Without limiting subsection   974 - 10(5), the Commissioner must, in exercising the power to make a determination under subsection   (1), have regard to the following:

  (a)   the purpose of the * scheme (considered both as a whole and in terms of its individual components);

  (b)   the effects of the scheme and each of its components (considered both as a whole and in terms of its individual components);

  (c)   the rights and obligations of the parties to the scheme (considered both as a whole and in relation to its individual components);

  (d)   whether the scheme (when considered as a whole or in terms of its individual components) provides the basis for, or underpins, an interest issued to investors with the expectation that the interest can be assigned to other investors;

  (e)   whether the scheme (when considered as a whole or in terms of its individual components) comprises a set of rights and obligations issued to investors with the expectation that it can be assigned to other investors;

  (f)   any other relevant circumstances.

  (3)   The regulations:

  (a)   may provide that, in the circumstances specified in the regulations, what would otherwise be a single * scheme is to be treated for the purposes of this Division as 2 or more separate schemes; and

  (b)   may provide that the schemes are to be taken for the purposes of this Division to not be * related schemes.