Tax Laws Amendment (2009 Measures No. 3) Act 2009 (47 of 2009)

Schedule 3   Petroleum resource rent tax

Part 1   Functional currency

Petroleum Resource Rent Tax Assessment Act 1987

13   Subsection 2B(2)

Repeal the subsection, substitute:

Subsidiary

(2) For the purposes of this Act, a company (in this subsection called the subsidiary company ) is a subsidiary of another company (in this subsection called the holding company ) at a particular time if, at that time:

(a) all the shares in the subsidiary company are 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 is no agreement, arrangement or understanding in force under which any person is able, or would be able after that time, to affect rights of the holding company or of a subsidiary of the holding company in relation to the subsidiary company.