Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 975.505

(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.