This term includes money, a chose in action, any trust estate and interest, right or power, whether at law or in equity, in or over property.
Related foreign companies
Generally, an Australian company is related to a foreign company for the purposes of the FTCS when:
- the companies are both group companies, and
- the Australian company has, either directly or indirectly, a voting interest of at least 5% in the foreign company (section 160AFB).
For these purposes, a company is a group company when the Australian parent has a voting interest of at least 10% in the foreign company. If the foreign company has an equivalent interest in a second foreign company, then that second foreign company will also be a group company. This result will continue to apply through any number of tiers of companies.