Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 4) 1987 No. 138 of 1987 - SECT 16

16. Section 80G of the Principal Act is amended:

   (a)  by omitting from subsection (5) "For" and substituting "Subject to
        subsection (5A), for"; and

   (b)  by inserting after subsection (5) the following subsection:

"(5A) For the purposes of subsection (1), where:

   (a)  at a time (in this subsection called the 'acquisition time') in the
        year of income commencing on 1 July 1986 or in a subsequent year of
        income, one or more companies acquired all the shares in another
        company (in this subsection called the 'shelf company') from the
        shareholders in the shelf company; and

   (b)  the shelf company was dormant, within the meaning of Part VI of the
        Companies Act 1981, throughout the period (in this subsection called
        the 'dormant period') commencing on the day on which the shelf company
        was incorporated and ending at the acquisition time; the shelf company
        shall be taken not to have been in existence during the dormant
        period.".