Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 159GZZZD

Meaning of eligible entity, eligible interest and eligible proportion

                   For the purposes of this Division, where a holding company holds interests in a subsidiary of the holding company either directly or indirectly through interposed entities:

                     (a)  a reference to an eligible entity in relation to the holding company and the subsidiary is a reference to the holding company or any of the interposed entities;

                     (b)  a reference to an eligible interest of an eligible entity is a reference to any interest held by the eligible entity directly in the subsidiary or directly in any other eligible entity in relation to the holding company and the subsidiary; and

                     (c)  a reference to the eligible proportion in relation to an eligible interest of an eligible entity is a reference to the proportion of the total interests held directly in the subsidiary by all persons and entities that is represented by:

                              (i)  if the eligible entity holds the eligible interest directly in the subsidiary--the eligible interest; or

                             (ii)  if, by virtue of holding the eligible interest, the eligible entity holds an interest in the subsidiary indirectly through another eligible entity or other eligible entities--that interest in the subsidiary.



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