Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.760

Australian controller of a controlled foreign corporate limited partnership

  (1)   An entity is an Australian controller of a * controlled foreign corporate limited partnership at a particular time if, and only if, at least one of the following paragraphs applies to the entity at that time:

  (a)   the entity is an * Australian entity that is a * general partner of the partnership;

  (b)   the entity is an Australian entity holding a * TC control interest in the partnership that is 10% or more.

Controlled foreign corporate limited partnership

  (2)   A * corporate limited partnership is a controlled foreign corporate limited partnership at a particular time if, and only if, at that time:

  (a)   it is not an * Australian entity; and

  (b)   at least one of the following subparagraphs applies to it:

  (i)   at least one * general partner of the partnership is an * Australian entity or an * Australian controlled foreign entity;

  (ii)   not more than 5 Australian entities (each of which holds a * TC control interest in the partnership that is at least 1%) hold a total of TC control interests in the partnership that is 50% or more.