Income Tax Assessment Act 1936
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.
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%.
Subsections (1) and (2) have effect subject to section 768-960 of the Income Tax Assessment Act 1997 .
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