Document ID: chunk:federal_register_of_legislation:C2010C00583:clause:10_24:p2
Version: federal_register_of_legislation:C2010C00583
Segment Type: clause
Provision Reference: sch 10 cl 24 (pt 2/3)
Character Range: 95700–98240

franking account; and
 (d) at the switch time the Australian company is a 100% subsidiary of a company (the NZ parent company) that:
 (i) is not a 100% subsidiary of another company that is a member of the same wholly‑owned group; and
 (ii) is a post‑choice NZ franking company; and
 (e) there is a period for which all these requirements are met:
 (i) the period must start as soon as possible after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997 and end immediately before the switch time;
 (ii) the Australian company must have been a 100% subsidiary of the NZ parent company for the whole of the period;
 (iii) the Australian company must meet either or both of the conditions in subsections (2) and (3) for the whole of the period;
 (iv) the NZ parent company must meet the condition in subsection (4) for the whole of the period.

Conditions relating to the Australian company

 (2) One condition relating to the Australian company is that the company would not have been effectively owned by prescribed persons as described in sections 208‑25 to 208‑45 of the Income Tax Assessment Act 1997 if:
 (a) those sections and sections 220‑505 and 220‑510 of that Act had applied throughout the period; and
 (b) an accountable membership interest or accountable partial interest in the Australian company had, at a time in the period, been held by, or indirectly for the benefit of, a post‑choice NZ franking company if, at that time:
 (i) the interest was held by, or indirectly for the benefit of, a company (the interest holder); and
 (ii) the interest holder was an NZ resident or would have been one had section 220‑20 of the Income Tax Assessment Act 1997, and section 995‑1 of that Act so far as it relates to section 220‑20 of that Act, applied throughout the period.

 (3) The other condition relating to the Australian company is that the company was a 100% subsidiary of a company that:
 (a) was a listed public company; and
 (b) was an NZ resident or would have been one had section 220‑20 of the Income Tax Assessment Act 1997, and section 995‑1 of that Act so far as it relates to section 220‑20 of that Act, applied throughout the period.

Condition relating to the NZ parent company

 (4) The condition relating to the NZ parent company is that it:
 (a) was not a 100% subsidiary of another company that was a member of the same wholly‑owned group; and
 (b) was an NZ resident or would have been one had section 220‑20 of the Income Tax Assessment Act 1997, and section 995‑1 of that Act so far as