Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 2B

             (1)  For the purposes of this Act, a company is a group company in relation to another company and a period if:

                     (a)  one of the companies was a subsidiary of the other company; or

                     (b)  each of the companies was a subsidiary of the same company;

during so much of the period during which both companies were in existence.

             (2)  For the purposes of this section, a company (in this subsection called the subsidiary company ) is a subsidiary of another company (in this subsection called the holding company ) during a period if:

                     (a)  at all times during the period, all the shares in the subsidiary company were beneficially owned by:

                              (i)  the holding company; or

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

                            (iii)  the holding company and a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; and

                     (b)  there was no agreement, arrangement or understanding in force during any part of the period under which any person was able, or would be able after the period, to affect rights of the holding company or of a subsidiary of the holding company in relation to the subsidiary company.

             (3)  For the purposes of this section, where a company is a subsidiary of another company (including a company that is such a subsidiary by virtue of another application or other applications of this subsection), every company that is a subsidiary of the first‑mentioned company is also a subsidiary of the other company.

             (4)  For the purposes of subsection (2), a person is taken to be able to affect rights of a company in relation to another company if the person has a right, power or option (whether because of any provision in the constituent document of either of those companies or because of any agreement or instrument or otherwise) to acquire those rights or do an act or thing that would prevent the first‑mentioned company from exercising those rights for its own benefit or receiving any benefits occurring because of those rights.

             (5)  For the purposes of this section, a company is taken to be in existence if it has been incorporated and has not been dissolved.