Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The condition in subsection (2) must have been satisfied at each time when there is a roll - over within the * wholly - owned group under Subdivision 126 - B for a * CGT event happening in relation to the roll - over asset.
(2) The originating company and the recipient company must have been members of a group of 2 or more companies (the sub - group ) within the * wholly - owned group (excluding the ultimate holding company) for which one of these is satisfied:
(a) if the sub - group consists of 2 companies, either the recipient company is a 100% subsidiary of the other company (the holding company ), or the other company is a 100% subsidiary of the recipient company (also the holding company );
(b) if the sub - group consists of 3 or more companies:
(i) the recipient company is a 100% subsidiary of one of those other companies (also the holding company ) and so are the other companies (except the holding company) in the sub - group; or
(ii) each of the companies in the sub - group (except the recipient company) is a 100% subsidiary of the recipient company (also the holding company ).
(3) If the roll - over event was the last in a series of * CGT events involving the roll - over asset and there was a roll - over within the * wholly - owned group under Subdivision 126 - B for all the events, each company that was the originating company or the recipient company for the purposes of that Subdivision for one of those roll - overs must have been members of the sub - group at the time of each of the roll - overs.
(4) The conditions in subsection (5) or (6) must be satisfied just after the break - up time.
(5) If the recipient company was the holding company of the sub - group, none of its * shares can be owned by:
(a) the ultimate holding company; or
(b) a company that is a * 100% subsidiary of the ultimate holding company just after the break - up time.
(6) If the recipient company was not the holding company of the sub - group, no * shares in it or in the holding company can be owned by:
(a) the ultimate holding company; or
(b) a company that is a * 100% subsidiary of the ultimate holding company just after the break - up time.