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A New Tax System (Goods and Services Tax) Act 1999

Chapter 6 - Interpreting this Act  

Part 6-2 - Meaning of some important concepts  

Division 190 - 90% owned groups of companies  

190-5  When a company has at least a 90% stake in another company  


A *company (the holding company) has at least a 90% stake in another company (the subsidiary company) if the holding company:


(a) controls, or is able to control, at least 90% of the voting power in the subsidiary company (whether directly, or indirectly through one or more interposed companies); and


(b) has the right to receive (whether directly, or indirectly through one or more interposed companies) at least 90% of any *dividends that the subsidiary company may pay; and


(c) has the right to receive (whether directly, or indirectly through one or more interposed companies) at least 90% of any distribution of capital of the subsidiary company.

 



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