Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 220-510 Parent company ' s status as prescribed person sets status of all other members of same wholly-owned group 220-510(1)
This section has effect for the purposes of working out whether a company is an *exempting entity at a particular time because it is effectively owned by prescribed persons within the meaning of section 208-25 , if:
(a) at the time the company is a *100% subsidiary of another company (the parent company ) that is not a 100% subsidiary of another member of the same *wholly-owned group; and
(b) at the time the parent company is a *post-choice NZ franking company; and
(c) there is at least one company (the non-Tasman company ) that meets all these conditions:
(i) the non-Tasman company is neither an Australian resident nor an *NZ resident at the time;
(ii) the non-Tasman company is a member of the same wholly-owned group at the time;
(iii) the non-Tasman company is interposed between the parent company and a company that, at the time, is an Australian resident or a post-choice NZ franking company.
220-510(2)
At the time, each company that is a *100% subsidiary of the parent company is a prescribed person if the parent company is a prescribed person at the time for those purposes because of section 208-40 or 208-45 (taking account of section 220-505 , if relevant).
220-510(3)
At the time, each company that is a *100% subsidiary of the parent company is not a prescribed person if the parent company is not a prescribed person for those purposes because of section 208-40 or 208-45 (taking account of section 220-505 , if relevant).
220-510(4)
This section has effect despite sections 208-40 , 208-45 and 220-505 so far as those sections apply in relation to a *100% subsidiary of the parent company.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
