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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.


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