LAND TAX ACT 2005 - SECT 47 What are related corporations?

LAND TAX ACT 2005 - SECT 47

    (1)     For the purposes of this Division, corporations are related corporations in any of the circumstances specified in this section.

    (2)     Corporations are related corporations if one of those corporations—

        (a)     controls the composition of the board of the other corporation; or

        (b)     is in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the other corporation; or

        (c)     holds more than 50% of the issued share capital of the other corporation.

    (3)     Corporations are related corporations if the same person has, or the same persons have together, a controlling interest in each of the corporations.

Note

controlling interest is defined in section 48.

    (4)     Corporations are related corporations if—

        (a)     more than 50% of the issued share capital of one of those corporations ( corporation 1 ) is held by the other corporation ( corporation 2 ) together with the shareholders of corporation 2; and

        (b)     the percentage of the issued share capital of corporation 2 held by shareholders of corporation 1 is more than the difference between 50% and the percentage of the issued share capital of corporation 1 held by corporation 2.

    (5)     Corporations are related corporations if one of those corporations is a related corporation of a corporation of which the other of those corporations is a related corporation (including a corporation that is a related corporation of the other of those corporations because of one or more other applications of this subsection).