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Edited version of private advice
Authorisation Number: 1051834667929
Date of advice: 5 May 2021
Ruling
Subject: Controlled foreign companies
Question 1
Disregarding subsection 94D(5) of the Income Tax Assessment Act 1936 (ITAA 1936), will Aus Trust be an attributable taxpayer in relation to Foreign Entity under section 361 of the ITAA 1936 where Aus Trust and its associates have an aggregate interest in Foreign Entity of 40% or more at the end of the relevant statutory accounting period?
Answer
Yes.
Question 2
Disregarding subsection 94D(5) of the ITAA 1936, will Aus Trust be an attributable taxpayer in relation to Foreign Entity under section 361 of the ITAA 1936 where Aus Trust and its associates have an aggregate interest in Foreign Entity less than 40% at the end of the relevant statutory accounting period?
Answer
No.
Question 3
Will Aus Trust be an attributable taxpayer in relation to Foreign Co and other companies that are controlled by Foreign Co under section 361 of the ITAA 1936 where Aus Trust and its associates have an aggregate interest in Foreign Co that is less than 40% at the end of the relevant statutory accounting period?
Answer
No.
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