Private ruling: Clarifying the beneficial ownership for consolidation membership purposes
Date of advice: 31 May 2016
Published: July 2016

Ruling: Q1: Will Company Y be a wholly-owned subsidiary of Company X under subsection 703-30(1) upon payment of the outstanding purchase price even though the shares in Y will remain registered in the name of the vendors? | A1: Yes


Relevant legislative provisions: Income Tax Assessment Act 1997 Section 703-30 | Income Tax Assessment Act 1997 Section 703-33

Reasons for decision: Summary: The private ruling was issued to the taxpayer based on the facts provided in the ruling application and other information and documents were subsequently supplied by the applicant.