Document ID: chunk:federal_register_of_legislation:C2025C00014:section:103a:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 103A (pt 3/9)
Character Range: 899339–901744

been expected that they would have been exercised;
 (c) any shares in the company that were held by the public body on the last day of the year of income were acquired by the public body for no consideration or for a consideration that, in the ordinary course of commercial dealing, would be considered inadequate;
 (d) in pursuance of any agreement entered into before the end of the year of income, the public body agreed to dispose of all or any of the shares in the company that were held by the public body on the last day of the year of income, being a disposal that was to take place at any time after the last day of the year of income;
 (e) a dividend was paid by the company at a time during the year of income when the public body had a controlling interest in the company, and less than one‑half of the amount of that dividend was paid to the public body; or
 (f) a dividend was not paid by the company at a time during the year of income when the public body had a controlling interest in the company but the Commissioner is of the opinion that, if a dividend had been paid by the company at such a time, less than one‑half of the amount of the dividend would have been paid to the public body.
 (3B) Subsection (3A) does not apply in relation to a company in relation to a year of income if the Commissioner is satisfied that no shares in the company that were held by the public body referred to in that subsection on the last day of the year of income were allotted or transferred to the public body for the purpose, or for purposes that included the purpose, of enabling the company to be treated as a public company in relation to the year of income for the purposes of subsection (1), or in pursuance of an agreement entered into, or a course of conduct engaged in, for the purpose, or for purposes that included the purpose, of enabling the company to be so treated.
 (3C) Paragraph (3A)(c) does not apply to an acquisition that is taken by section 70‑30 or 70‑110 of the Income Tax Assessment Act 1997 to have occurred.
 (4) Subject to subsection (4D), a company is, for the purposes of this section, a subsidiary of a public company in relation to the year of income if:
 (a) at all times during the year of income all the shares in the first‑mentioned company were beneficially owned by a company which, or companies each of which, is a public company for the purposes of subsection