Document ID: chunk:federal_register_of_legislation:C2010C00584:clause:10_132
Version: federal_register_of_legislation:C2010C00584
Segment Type: clause
Provision Reference: sch 10 cl 132
Character Range: 133206–133923

132  Subsection 165‑115ZC(3)
Repeal the subsection, substitute:

Foreign resident controlling entity to be disregarded in certain circumstances

 (3) If:
 (a) apart from this subsection, an entity that is a foreign resident would be a controlling entity of a *loss company; and
 (b) there is an entity that is an Australian resident and would be a controlling entity of the loss company if all the foreign residents that held direct or indirect interests in the Australian resident were individuals;
then, for the purposes of this section, the entity referred to in paragraph (a) is taken not to be a controlling entity of the company but the Australian resident is taken to be a controlling entity of the company.