Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 361

  (1)   An entity (in this subsection called the test entity ) is an attributable taxpayer in relation to a CFC at a particular time if, at that time:

  (a)   the test entity is an Australian entity whose associate - inclusive control interest in the CFC is at least 10%; or

  (b)   all of the following subparagraphs apply:

  (i)   the CFC is a CFC at that time only because of paragraph   340(c);

  (ii)   the CFC is controlled by any group of 5 or fewer Australian entities, either alone or together with associates (whether or not any associate is also an Australian entity);

  (iii)   the test entity is an Australian 1% entity and is included in that group of 5 or fewer Australian entities.

  (2)   An entity (in this subsection called the test entity ) is an attributable taxpayer in relation to a CFT at a particular time if, at that time, the test entity is an Australian entity whose associate - inclusive control interest in the CFT is at least 10%.

  (3)   Subsections   (1) and (2) have effect subject to section   768 - 960 of the Income Tax Assessment Act 1997 .