Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 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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