Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 220.500

  (1)   A company is not an * exempting entity at a particular time if:

  (a)   it is a * post - choice NZ franking company at the time; and

  (b)   the company is a * listed public company at the time.

  (2)   A company (the non - exempting company ) is not an * exempting entity at a particular time if at the time:

  (a)   the non - exempting company is a * 100% subsidiary of a company (the listed company ) that is not an exempting entity because of subsection   (1); and

  (b)   the non - exempting company is an Australian resident or a * post - choice NZ franking company; and

  (c)   if:

  (i)   there are one or more companies interposed between the non - exempting company and the listed company; and

  (ii)   one or more of the interposed companies are * NZ residents;

    all of the interposed companies that are NZ residents are post - choice NZ franking companies.

  (3)   This section has effect despite section   208 - 20 (about an entity being an * exempting entity).