INCOME TAX ASSESSMENT ACT 1936 - SECT 340 Controlled foreign company (CFC)

INCOME TAX ASSESSMENT ACT 1936 - SECT 340

    A company is a CFC at a particular time if, at that time, the company is a resident of a listed country or of an unlisted country and any of the following paragraphs applies:

  (a)   at that time, there is a group of 5 or fewer Australian 1% entities the aggregate of whose associate - inclusive control interests in the company is not less than 50%;

  (b)   both of the following subparagraphs apply:

  (i)   at that time, there is a single Australian entity (in this paragraph called the assumed controller ) whose associate - inclusive control interest in the company is not less than 40%;

  (ii)   at that time, the company is not controlled by a group of entities not being or including the assumed controller or any of its associates;

  (c)   at that time, the company is controlled by a group of 5 or fewer Australian entities, either alone or together with associates (whether or not any associate is also an Australian entity).