Section 1012K — Corporations Act 2001: Anti-avoidance determinations

(1) ASIC may determine in writing that a number of different bodies are closely related and that their transactions should be aggregated for the purposes of this Subdivision. If ASIC does so: (a) an issue, sale or transfer of financial products of any other bodies is taken to also be an issue, sale or transfer of the financial products of each of the other bodies by those bodies; and (b) any money received from an issue, sale or transfer of financial products of any of the bodies is taken to also be received by each of the other bodies from an issue, sale or transfer of its own financial products. ASIC must give written notice of the determination to each of the bodies. (2) ASIC may determine in writing that the transactions of a body and of a person who controls the body should be aggregated for the purposes of this Subdivision. If ASIC does so: (a) an issue of financial products of the body is taken to also be the transfer of the financial products by the controller; and (b) any money received from an issue of financial products of the body is taken to also be received by the controller from a transfer of the financial products; and (c) a sale or transfer of financial products of the body by the controller is taken to also be the issue of the financial products by the body; and (d) any money received from a sale or transfer of financial products of the body by the controller is taken to also be received by the body from an issue of the financial products. ASIC must give written notice of the determination to the body and the controller.