INCOME TAX ASSESSMENT ACT 1936 - SECT 121AP Subsidiary and wholly - owned subsidiary
INCOME TAX ASSESSMENT ACT 1936 - SECT 121AP
Subsidiary and wholly - owned subsidiary(1) A company (the test company ) is a subsidiary of another company (the holding company ) if at least half of the shares in the test company are beneficially owned by:
(b) a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; or
(c) the holding company and a company that is, or 2 or more companies each of which is, a subsidiary of the holding company.
(2) If a company is a subsidiary of another company (including because of this subsection), every company that is a subsidiary of the first - mentioned company is a subsidiary of the other company.
(3) A company is a wholly - owned subsidiary of another company
if it would, under subsection (1) or (2), be a subsidiary of the other
company assuming that the reference in subsection (1) to at least half
of the shares were instead a reference to all of the shares.