Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 128TL

             (1)  A company (the first company ) is a subsidiary of another company (the second company ) if all the shares in the first company are beneficially owned by:

                     (a)  the second company; or

                     (b)  a company that is, or 2 or more companies each of which is, a subsidiary of the second company; or

                     (c)  the second company and a company that is, or 2 or more companies each of which is, a subsidiary of the second company.

             (2)  For the purposes of subsection (1), if a company is a subsidiary of another company (including a company that is such a subsidiary because of a previous application or applications of this subsection), every company that is a subsidiary of the first‑mentioned company is taken to be a subsidiary of that other company.

             (3)  The one or more companies in whichever of paragraph (1)(a), (b) or (c) applies are the direct ownership group of the first company.