Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)
Schedule 10 Technical corrections and amendments
Part 1 Technical corrections and amendments commencing on Royal Assent
Income Tax Assessment Act 1997
132 Subsection 165-115ZC(3)
Repeal the subsection, substitute:
Foreign resident controlling entity to be disregarded in certain circumstances
(a) apart from this subsection, an entity that is a foreign resident would be a controlling entity of a *loss company; and
(b) there is an entity that is an Australian resident and would be a controlling entity of the loss company if all the foreign residents that held direct or indirect interests in the Australian resident were individuals;
then, for the purposes of this section, the entity referred to in paragraph (a) is taken not to be a controlling entity of the company but the Australian resident is taken to be a controlling entity of the company.
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