Income Tax Act 2007 section 298

The qualifying subsidiaries requirement

Section 298 requires that any subsidiary of the relevant company must meet the conditions to be a qualifying subsidiary.

• This requirement applies to any and all subsidiaries that the relevant company may have.
• Each subsidiary must satisfy the specific conditions set out elsewhere in the Act to be considered a "qualifying subsidiary."
• If even one subsidiary fails to meet the qualifying subsidiary conditions, the requirement under this section is not met.
• The provision is derived from the former rules in paragraphs 3(6) and 10(1) of Schedule 28B to ICTA.