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 .