Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.865

    A thin capitalisation direct control interest (or a TC direct control interest ) that an entity holds in a partnership at a particular time is whichever of the following percentages is applicable, and if there are 2 or more such percentages, the greatest of them:

  (a)   in the case of a * corporate limited partnership--100% if the entity is a * general partner of the partnership;

  (b)   in the case of a partnership that is not a corporate limited partnership--the percentage of the control of voting power in the partnership that the entity has at that time;

  (c)   in any case--the percentage that the entity holds, or is entitled to acquire, at that time, of any of the following:

  (i)   the total amount of assets or capital contributed to the partnership;

  (ii)   the total rights of partners to distributions of capital, assets or profits on the dissolution of the partnership;

  (iii)   the total rights of partners to distributions of capital, assets or profits otherwise than on the dissolution of the partnership.