Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.820

Special rules about calculating TC control interest held by an entity

             (1)  This section applies for the purposes of calculating the * TC control interest that an entity holds in a company, trust or partnership.

             (2)  Disregard a * TC indirect control interest held by the entity to the extent to which it is calculated by reference to:

                     (a)  a * TC direct control interest taken into account under paragraph 820-815(c); or

                     (b)  a TC indirect control interest taken into account under paragraph 820-815(d).

             (3)  Disregard a * TC indirect control interest held by an * associate entity of the entity to the extent to which it is calculated by reference to:

                     (a)  a * TC direct control interest taken into account under paragraph 820-815(a) or (c); or

                     (b)  a TC indirect control interest taken into account under paragraph 820-815(b) or (d).

          (3A)  Subsection (3) does not apply to an * associate entity of the entity if:

                     (a)  the associate entity is a * foreign entity and the associate entity is such an associate entity only because of subsection 820-905(3A); or

                     (b)  the associate entity is such an associate entity only because of subsection 820-905(3B).

             (4)  Take into account only one of the following things if both would otherwise be counted in calculating the * TC control interest:

                     (a)  the holding of a * TC direct control interest by the entity or any other entity;

                     (b)  an entitlement to acquire that TC direct control interest.

             (5)  The operation of this section in relation to an entity does not prevent the operation of section 820- 825 in relation to a group of entities that includes that entity.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback