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 A - Control interests  

SECTION 353   CONTROL TRACING INTEREST IN A COMPANY  

353(1)   [Interest held by entity]  

Subject to this section, an entity (in this subsection called the lower entity ) holds a control tracing interest in a company at a particular time equal to the direct control interest in the company that the lower entity holds at that time.

353(2)   [Entity deemed to hold 100% interest]  

An entity (in this subsection called the lower entity ) holds a control tracing interest in a company at a particular time equal to 100% if:


(a) the aggregate of the direct control interests in the company held at that time by the lower entity and its associates is not less than 50%; or


(b) both of the following conditions are satisfied:


(i) the aggregate of the direct control interests in the company held at that time by the lower entity and its associates is not less than 40%;

(ii) at that time, the company is not controlled by a group of entities not being or including the lower entity or any of its associates; or


(c) at that time, the company is controlled by the lower entity, either alone or together with associates.


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