Income Tax Assessment Act 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

Division 3 - Control interests, attribution interests, attributable taxpayers and attribution percentages  

Subdivision C - Attributable taxpayers and attribution percentages  

SECTION 361   ATTRIBUTABLE TAXPAYER IN RELATION TO A CFC OR A CFT  

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.

361(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%.

361(3)    

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