Not 415V. It will be 480V.
3 cables involved.
240V(1)-Neutral-240V(2)
There are two phases here. The first is taked from 240V(1)-Neutral and the second from Neutral-240V(2). These two phases will be distributed around your house so that the load between the phases is approximately equal.
The 480V for your shed is taken by wiring between 240V(1) and 240V(2).
My dad had this arrangement on his property. In his case, the supply authority placed the pole with the transformer ~20m from the house. This was in the 1970's, so regulations may have changed since then and state regulations probably vary. I also recall it cost him a packet to have it done!


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