Document ID: chunk:federal_register_of_legislation:C2024C00549:section:12:p2
Version: federal_register_of_legislation:C2024C00549
Segment Type: section
Provision Reference: s 12 (pt 2/2)
Character Range: 131933–133741

interest in another company (the second level company);
the person is taken to hold that type of direct control interest in the second level company equal to the percentage worked out using the formula:

where:
first level percentage means the percentage of the direct control interest held by the person in the first level company.
second level percentage means the percentage of the direct control interest held by the first level company in the second level company.
 (6) In determining, for the purposes of paragraph 8BG(a) or subparagraph 8BH(b)(ii), the total of the stakes of a particular type that a group of foreign persons holds in a Telstra successor company, if:
 (a) a foreign company (the first company) holds that type of direct control interest in the Telstra successor company; and
 (b) in a case where that interest is held because of subclause (5)—that interest was not worked out under that subclause on the basis that one or more foreign companies were interposed between the first company and the Telstra successor company; and
 (c) apart from this subclause, a foreign person other than the first company would be taken under subclause (5) to hold that type of direct control interest in the Telstra successor company equal to a particular percentage; and
 (d) the direct control interest mentioned in paragraph (c) was worked out under subclause (5) directly or indirectly by reference to the direct control interest mentioned in paragraph (a);
the direct control interest mentioned in paragraph (c) is not to be counted.
 (7) For the purposes of subclause (6), a foreign company is a company that is a foreign person.
 (8) A declaration under paragraph (4AB)(b) is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to the declaration.