Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.750

    An entity is an Australian controller of a * controlled foreign company mentioned in paragraph   820 - 745(a) at a particular time if, and only if, at that time:

  (a)   that entity is an * Australian entity holding a * TC control interest in the controlled foreign company that is 10% or more; or

  (b)   all of the following subparagraphs apply:

  (i)   the controlled foreign company is such a company because of paragraph   340(c) of the Income Tax Assessment Act 1936 ;

  (ii)   not more than 5 Australian entities, including that entity, control that controlled foreign company (either alone or together with * associate entities and whether or not any associate entity is also an Australian entity);

  (iii)   that entity holds a * TC control interest in the controlled foreign company that is at least 1%.

Note:   A corporate limited partnership that is a foreign entity may be a controlled foreign corporate limited partnership, see section   820 - 760.