Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 103

  (1)   In this Division, unless the contrary intention appears:

"the relevant holding company or holding companies" , in relation to another company in relation to a year of income of that other company, means:

  (a)   if the other company would, apart from subsection   103A(4D), be a subsidiary of a public company for the purposes of section   103A in relation to that year of income by virtue of subsection   103A(4)--the public company or public companies referred to in paragraph   103A(4)(a); or

  (b)   if the other company would, apart from subsection   103A(4D), be a subsidiary of a public company for the purposes of section   103A in relation to that year of income by virtue of subsection   103A(4B)--the listed company or listed companies referred to in paragraphs 103A(4B)(a) and (b).

  (2)   For the purposes of this Division, a person is the nominee of another person in relation to shares if that first - mentioned person may be required to exercise his or her voting power in relation to those shares at the direction of, or holds those shares directly or indirectly on behalf of or for the benefit of, that second - mentioned person.

  (3)   For the purposes of this Division, shares in a company shall be deemed to be held indirectly on behalf of or for the benefit of a person (not being a private company, trustee or partnership) if, in the event of the payment of a dividend on those shares, that person would, otherwise than as a shareholder of the company, receive the whole or a part of that dividend if there were successive distributions of the relative parts of that dividend to and by each of any private companies, trustees or partnerships interposed between the company paying the dividend and that person.

  (4)   For the purposes of this Division, a company shall be taken to have been a listed company during a period that was included in a year of income of another company (in this subsection referred to as the relevant year of income ) where:

  (a)   if the period was included in the year of income of the first - mentioned company (in this subsection referred to as the corresponding year of income ) that corresponded with the relevant year of income--the first - mentioned company was by virtue of paragraph   103A(2)(a), a public company for the purposes of subsection   103A(1) in relation to the corresponding year of income; or

  (b)   if the period was included in the year of income of the first - mentioned company that immediately preceded or immediately followed the corresponding year of income--the first - mentioned company was, by virtue of paragraph   103A(2)(a), a public company for the purposes of subsection   103A(1) in relation to that preceding or following year of income, as the case may be.

  (5)   A reference in this Division   to a right, power, option, agreement or instrument shall be read as including a reference to a right, power, option, agreement or instrument that is not enforceable by legal proceedings whether or not it was intended to be so enforceable.

  (6)   For the purposes of this Division, an arrangement or understanding, whether formal or informal and whether express or implied, shall be deemed to be an agreement.