S 479 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
heading. S 479 formerly read:
SECTION 479 WHOLLY-OWNED SUBSIDIARY
For the purposes of this Part, a company (
the subsidiary company
) is taken to be a wholly-owned subsidiary of another company (
the holding company
) at a particular time if:
at that time, all the shares in the subsidiary company were owned by:
the holding company; or
a company that is, or 2 or more companies each of which is, a wholly-owned subsidiary of the holding company; or
the holding company and a company that is, or 2 or more companies each of which is, a wholly-owned subsidiary of the holding company; and
there was no agreement, arrangement or understanding in force at that time under which any person was in a position, or would be in a position after that time, to affect rights of the holding company or of a wholly-owned subsidiary of the holding company in relation to the subsidiary company.
For the purposes of this section, if a company (
the relevant company
) is a wholly-owned subsidiary of another company (including a company that is such a wholly-owned subsidiary because of any other application or applications of this subsection), every company that is a wholly-owned subsidiary of the relevant company is taken to be a wholly-owned subsidiary of that other company.
For the purposes of subsection (1), a person is taken to be in a position at a particular time to affect any rights of a company (
the relevant company
) in relation to another company if, at that time, that person has a right, power or option (whether under any provision of the constituent document of either of those companies or under any agreement or instrument or otherwise) to acquire those rights or do an act or thing that would prevent the relevant company from exercising those rights for its own benefit or receiving any benefits accruing because of those rights.
S 479 inserted by No 190 of 1992.