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INCOME TAX ASSESSMENT ACT 1997 - SECT 820.825

Special rules about calculating TC control interests held by a group of entities

             (1)  This section applies for the purposes of calculating the total * TC control interests that a group of entities holds in a company, trust or partnership.

             (2)  Take into account a particular * TC direct control interest or * TC indirect control interest only once if it would otherwise be counted more than once because the entity holding it is an * associate entity of one or more entities in the group.

          (2A)  Subsection (2) does not apply to an * associate entity of one or more entities in the group 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).

             (3)  Take into account only one of the following things if both of them would otherwise be counted in calculating the total * TC control interests:

                     (a)  the holding of a * TC direct control interest by an entity;

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

             (4)  The operation of this section in relation to a group of entities does not prevent the operation of section 820-820 in relation to an entity that is a member of that group.



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