AustLII Tasmanian Consolidated Acts

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LAND TAX ACT 2000 - SECT 31

Division 5 - Companies Related companies

(1)  Two companies are related to each other if –
(a) the same person or same persons together have a controlling interest in both companies; or
(b) one of those companies is related to a company to which the other is related; or
(c) the companies are related bodies corporate for the purposes of the Corporations Act.
(2)  Two companies are also related to each other if –
(a) more than one-half of the issued share capital of one of those companies is held by the other company or its shareholders or by both the other company and its shareholders together; and
(b) the proportion of the issued share capital of that other company held by shareholders of the first company is more than the difference between one-half and the proportion of the issued share capital of the first company held by the other company.
(3)  Companies may be related to each other notwithstanding that they do not own land in Tasmania.
(4)  A reference in subsection (2) to the issued share capital of a company does not include a reference to any part of that issued share capital that confers no right to participate beyond a specified amount in a distribution of either profits or capital.



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