Section EX 31 — Income Tax Act 2007: Exemption for ASX-listed Australian companies

EX 31 Exemption for ASX-listed Australian companies Exemption (1) A person's rights in a FIF in an income year are not an attributing interest if— (a) the rights are a share; and (b) the share is not a share that may not, or ordinarily may not, be disposed of unless together with rights in another company; and (c) the FIF is a company that meets the requirements of subsection (2). Australian listed company on approved index (2) The company must— (a) at all times in the year when the person holds a right in the company, be resident in Australia; and (b) at all times in the year when the person holds a right in the company, not be treated as resident in a country other than Australia under an agreement that— (i) is between Australia and that other country; and (ii) would be a double tax agreement if negotiated between New Zealand and that other country; and (c) have shares included in an index that is an approved index under the ASX Operating Rules— (i) at the beginning of an income year, if subparagraphs (ii) and (iii) do not apply; or (ii) when the person acquires the shares, if the person does not own shares in the company earlier in the year; or (iii) at the beginning of the final month of the preceding income year if, in the first month of an income year, the shares are cancelled or transferred under a scheme of arrangement entered into under Part 5.1 of the Corporations Act 2001 (Aust); and (d) at all times in the year when the person holds a right in the company, not be an entity described in schedule 25, part B (Foreign investment funds); and (e) at all times in the year when the person holds a right in the company, be required under the Income Tax Assessment Act 1997 (Aust) and Income Tax Assessment Act 1936 (Aust) to maintain a franking account. Defined in this Act: attributing interest , cancellation , company , double tax agreement , FIF , income year , resident in Australia , resident in New Zealand , share , year Compare: 2004 No 35 s EX 33C Section EX 31(1) heading: inserted, on 1 April 2008, by section 385(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EX 31(1): substituted, on 1 April 2008, by section 385(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EX 31(2) heading: inserted, on 1 April 2008, by section 385(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EX 31(2): inserted, on 1 April 2008, by section 385(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EX 31(2)(c): amended (with effect on 1 August 2010), on 2 November 2012, by section 45 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section EX 31(2)(c)(i): amended (with effect on 1 April 2008), on 6 October 2009, by section 168(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EX 31(2)(c)(ii): amended (with effect on 1 April 2008), on 6 October 2009, by section 168(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EX 31(2)(c)(iii): added (with effect on 1 April 2008), on 6 October 2009, by section 168(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EX 31 list of defined terms cancellation : inserted (with effect on 1 April 2008), on 6 October 2009, by section 168(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EX 31 list of defined terms direct income interest : repealed, on 1 April 2008, by section 385(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EX 31 list of defined terms income tax : repealed, on 1 April 2008, by section 385(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).