Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The stock exchange listing method may be applied only if the taxpayer's interest or any of the taxpayer's interests in the foreign company at the test time in relation to a notional accounting period was included in a class of interests in the company that were quoted on the stock market of an approved stock exchange.
(2) Subject to subsection (3), if the stock exchange listing method applies and at the test time:
(a) one of the following subparagraphs applies:
(i) the company was included by an approved stock exchange in a class of companies designated by the stock exchange as engaged in activities of a particular kind;
(ii) the company was included:
(A) by an international sectoral classification system named in regulations made for the purposes of this section; or
(B) until regulations are so made--by an international sectoral classification system named in Schedule 5;
in a class of companies designated by the system as engaged in activities of a particular kind; and
(b) activities of the kind referred to in the designation by the stock exchange or the international sectoral classification system, as the case may be, are eligible activities;
then, irrespective of the extent (if any) to which the company engages in activities that are not eligible activities, the company is taken, for the purposes of the application of section 497 in relation to the taxpayer, to have been principally engaged in eligible activities at that time.
(3) If, at the test time:
(a) if subparagraph (2)(a)(i) applies and subparagraph (2)(a)(ii) does not apply:
(i) if there was only one approved stock exchange that included the company in a designated class of companies--that stock exchange; or
(ii) if there were 2 or more approved stock exchanges that included the company in a designated class of companies--each of those stock exchanges; or
(b) if subparagraph (2)(a)(ii) applies and subparagraph (2)(a)(i) does not apply:
(i) if there was only one international sectoral classification system that included the company in a designated class of companies--that system; or
(ii) if there were 2 or more international sectoral classifiation systems that included the company in a designated class of companies--each of those systems; or
(c) if both subparagraphs (2)(a)(i) and (2)(a)(ii) apply--each approved stock exchange and each international sectoral classification system that included the company in a designated class of companies;
included the company in a class of companies designated by the stock exchange or system as engaged in activities of an unclassified kind or of a kind designated as miscellaneous , the company is not taken under subsection (2) to have been principally engaged in eligible activities at that time.
(4) For the purposes of subsection (3), the designation by an approved stock exchange or an international sectoral classification system of a class of companies as conglomerates or as multi‑industry is not taken to be a designation of the companies as being engaged in activities of an unclassified kind or as being designated miscellaneous .