Reasons for Decision
a new owner applies for an AFS licence during the FSR transition period; 2. the taxpayer holds one or more licences, registrations, approvals, authorities, etc (the old licence(s)) as a regulated principal under section 1430 of the Corporations Act 2001 ; 3. the new owner is granted an AFS licence as a result of the application; 4. the old licence(s) ceases to have effect, either wholly or partially, at the earlier of the date the AFS licence is granted to the new owner, or 10 March 2004; 5. the further conditions under sub-section 124-900(2) or subsection 124-900(3) of the ITAA 1997 are satisfied. In this case, subsection 124-900(3) of the ITAA 1997 contains the relevant conditions that need to be satisfied: • the new owner is a company; • all of the membership interests in the company are owned by the original owner; • the new owner acquires the AFS licence; and • the original owner becomes an authorised representative, an employee, or a director of the new owner.