250Definitions

250 Definitions S. 250(1) def. of *consolidated group* inserted by No. 47/2020 s. 16(2). ***consolidated group*** has the same meaning as in section 703-5 of the ITAA; S. 250(1) def. of *corporate consolidation* inserted by No. 47/2020 s. 16(2). ***corporate consolidation*** means the interposition of a head company between a corporation that is a member of a corporate group and the shareholders or unit holders of that corporation for the purposes of the formation or continuation of a consolidated group; S. 250(1) new def. of *corporate group* inserted by No. 52/2021 s. 47(3). ***corporate group*** means a parent corporation and the subsidiaries of that parent corporation; ***corporation*** includes— (a) a unit trust scheme; (b) a public offer superannuation fund within the meaning of section 18 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth that has at least 300 public subscribers; S. 250(1) def. of *corporate group* repealed by No. 52/2021 s. 47(2). S. 250(1) def. of *head company* inserted by No. 47/2020 s. 16(2). ***head company*** means a corporation that is a head company within the meaning of section 703‑15(2)(a) of the ITAA; S. 250(1) def. of *ITAA* inserted by No. 47/2020 s. 16(2). ***ITAA*** means the Income Tax Assessment Act 1997 of the Commonwealth; S. 250(1) def. of *parent corporation* amended by No. 17/2019 s. 22(a). ***parent corporation*** means a corporation that directly or indirectly— (a) holds at least 90% of the beneficial ownership of another corporation (***the subsidiary***); and (b) has the ability to cast, or to control the casting of, at least 90% of the maximum number of votes that may be cast at a general meeting of the subsidiary. S. 250(1) def. of *relevant corporate group* repealed by No. 17/2019 s. 22(b). S. 250(2) amended by No. 36/2005 s. 19(a). (2) In this Division, if— (a) the issued shares or units of a corporation are stapled to the issued shares or units of one or more other corporations; and S. 250(2)(b) amended by No. 28/2011 s. 26. (b) the stapled securities are quoted on the ASX or a recognised stock exchange— those corporations and the subsidiaries of each of those corporations constitute a corporate group. S. 250(3) amended by No. 36/2005 s. 19(a). (3) Nothing in this Division applies to a corporation to the extent that it is a trustee of a discretionary trust. S. 250(4) amended by No. 36/2005 s. 19(a). (4) In this Division, a corporation that holds dutiable property on trust (other than as trustee of a unit trust scheme) for another corporation is taken not to be a member of any corporate group of which the second-mentioned corporation is a member. S. 250(5) inserted by No. 47/2020 s. 16(3). (5) For the purposes of this Division, a corporate group is substantially the same corporate group if its membership is the same except for the addition or omission of one or more subsidiaries of the parent corporation. S. 250A inserted by No. 113/2003 s. 5, amended by Nos 71/2004 s. 23, 36/2005 s. 19(b), 38/2012 s. 7, 17/2019 s. 23, substituted by No. 47/2020 s. 17.