• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1997 - SECT 975.505 What is a 100% subsidiary?

INCOME TAX ASSESSMENT ACT 1997 - SECT 975.505

What is a 100% subsidiary?

  (1)   A company (the subsidiary company ) is a 100% subsidiary of another company (the holding company ) if all the * shares in the subsidiary company are beneficially owned by:

  (a)   the holding company; or

  (b)   one or more 100% subsidiaries of the holding company; or

  (c)   the holding company and one or more 100% subsidiaries of the holding company.

  (2)   However, the subsidiary company is not a 100% subsidiary of the holding company if a person is * in a position to affect rights, in relation to the subsidiary company, of:

  (a)   the holding company; or

  (b)   a 100% subsidiary of the holding company.

  (3)   The subsidiary company is also not a 100% subsidiary of the holding company if at some future time a person will be * in a position to affect rights as described in subsection   (2).

  (4)   A company (other than the subsidiary company) is a 100% subsidiary of the holding company if, and only if:

  (a)   it is a 100% subsidiary of the holding company; or

  (b)   it is a 100% subsidiary of a 100% subsidiary of the holding company;

because of any other application or applications of this section.

Table of sections

976 - 1   Franked part of a distribution

976 - 5   Unfranked part of a distribution

976 - 10   The part of a distribution that is franked with an exempting credit

976 - 15   The part of a distribution that is franked with a venture capital credit

Download

No downloadable files available