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Edited version of your written advice
Authorisation Number: 1013023624309
Date of advice: 31 May 2016
Ruling
Subject: Clarifying the beneficial ownership for consolidation membership purposes
Question
Will Company Y be a wholly-owned subsidiary of Company X under subsection 703-30(1) upon payment of the outstanding purchase price even though the shares in Y will remain registered in the name of the vendors?
Answer
Yes
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 703-30
Income Tax Assessment Act 1997 Section 703-33
Reasons for decision
The private ruling was issued to the taxpayer based on the facts provided in the ruling application and other information and documents were subsequently supplied by the applicant.