Income Tax Assessment Act 1997
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Hide history noteSECTION 820-855 TC direct control interest in a company 820-855(1)
A thin capitalisation direct control interest (or a TC direct control interest ) that an entity holds in a company (except a *corporate limited partnership) at a particular time is the percentage of the direct control interest (if any) that the entity holds in the company at that time under the provisions applied by subsection (2).
Note:
For the TC direct control interest that an entity holds in a corporate limited partnership, see section 820-865 .
820-855(2)
For the purposes of subsection (1), provisions of Part X of the Income Tax Assessment Act 1936 are applied with the modifications set out in the following table.
| Modifications of provisions in Part X of the Income Tax Assessment Act 1936 | ||
| Item | Provisions | Modifications |
| 1 | Section 350 (including any other provision in Part X of the Income Tax Assessment Act 1936 that defines a term used in the section) | The section applies for the purposes of this Subdivision rather than only for the purposes of Part X of the Income Tax Assessment Act 1936 |
| 2 | Subsections 350(6) and (7) | If section 350 is used for the purposes of determining whether or not a company is a *foreign controlled Australian company, the subsections apply as if subsection (6) referred to *foreign entities and foreign entity rather than *Australian entities and Australian entity |
| If section 350 is used for the purposes of determining whether or not an entity is an *Australian controller of a *controlled foreign company, the subsections do not apply | ||
| 3 | Section 350 | A reference to an *associate is taken to be a reference to an *associate entity |
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