Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:4_3:p5
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 4 cl 3 (pt 5/9)
Character Range: 135949–138695

concerned;
 (iii) all economic benefits obtained by the entity have passed, or are expected to pass, to the foreign government concerned;
 (i) an entity established and wholly‑owned by an *Australian government agency, if the capital of the entity, and returns from the investment of that capital, are used for the primary purpose of meeting statutory government liabilities or obligations (such as superannuation liabilities and liabilities arising from compensation or workcover claims);
 (j) a *limited partnership, if, throughout the income year:
 (i) at least 95% of the *membership interests in the limited partnership are owned by entities mentioned in the preceding paragraphs of this subsection, or by entities that are wholly‑owned by entities so mentioned; and
 (ii) the remaining membership interests (if any) in the limited partnership are owned by a *general partner of the limited partnership that habitually exercises the management power of the limited partnership;
 (k) an entity, all the membership interests in which are owned by any of the following:
 (i) entities mentioned in the preceding paragraphs of this subsection;
 (ii) entities that are wholly‑owned by entities mentioned in the preceding paragraphs of this subsection;
 (iii) entities that are covered under this subsection because of a previous operation of this paragraph;
 (l) an entity of a kind similar to an entity mentioned in the preceding paragraphs of this subsection as specified in the regulations.
 (5) The rules are as follows:
 (a) if an entity that is not a trust holds interests in the trust indirectly, through a *chain of trusts:
 (i) treat the entity as a member of the trust; and
 (ii) do not treat a trust in the chain of trusts as a member of the trust;
 (b) do not treat an object of the trust as a member of the trust;
 (c) if the trust is mentioned in subparagraph 275‑10(3)(d)(i) (trusts with wholesale membership)—do not treat an individual as a member of the trust (other than an individual who became a member of the trust because a financial product or a financial service was provided to, or acquired by, the individual as a wholesale client (within the meaning of section 761G of the Corporations Act 2001));
 (d) the rules in subsection (7).
 (6) For the purposes of paragraph (5)(a), treat an entity covered by subsection (4) as an entity that is not a trust.
 (7) The rules are as follows:
 (a) treat the following entities as together being one entity:
 (i) an individual;
 (ii) each of his or her *relatives;
 (iii) each entity acting in the capacity of nominee of an individual mentioned in subparagraph (i) or (ii);
 (b) treat the following entities as together being one entity (the notional entity):
 (i) an entity that is