Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p26
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 26/32)
Character Range: 7257223–7259944

Controlled foreign corporate limited partnership
 (2) A *corporate limited partnership is a controlled foreign corporate limited partnership at a particular time if, and only if, at that time:
 (a) it is not an *Australian entity; and
 (b) at least one of the following subparagraphs applies to it:
 (i) at least one *general partner of the partnership is an *Australian entity or an *Australian controlled foreign entity;
 (ii) not more than 5 Australian entities (each of which holds a *TC control interest in the partnership that is at least 1%) hold a total of TC control interests in the partnership that is 50% or more.

Foreign controlled Australian entity

820‑780  What is a foreign controlled Australian entity?
  A foreign controlled Australian entity, in relation to a particular time, is an entity that is any of the following at that time:
 (a) a *foreign controlled Australian company;
 (b) a *foreign controlled Australian trust;
 (c) a *foreign controlled Australian partnership.

820‑785  What is a foreign controlled Australian company?
 (1) A company (except a *corporate limited partnership) is a foreign controlled Australian company (or an FCAC) at a particular time if, and only if, at that time, it is an *Australian entity to which at least one of the following paragraphs applies:
 (a) not more than 5 *foreign entities (each of which holds a *TC control interest in the company that is at least 1%) hold a total of TC control interests in the company that is 50% or more;
 (b) a foreign entity holds a TC control interest in the company that is 40% or more, and no other entity or entities (except an *associate entity of the foreign entity or entities including the foreign entity or its associate entities) control the company;
 (c) not more than 5 foreign entities control the company (whether or not with associate entities and whether or not any associate entity is a foreign entity).
Note: A corporate limited partnership that is an Australian entity may be a foreign controlled Australian partnership, see section 820‑795.

Exception
 (2) Despite subsection (1), a company is not an FCAC at a particular time if, at that time:
 (a) the company would, apart from this subsection, be an FCAC only because of paragraph (1)(a) or (b); but
 (b) the total of the following interests would be less than 20% if paragraphs 820‑875(2)(a) and (b) were disregarded:
 (i) the *TC direct control interest in the company held by the *foreign entity or entities mentioned in paragraph (1)(a) or (b);
 (ii) the *TC indirect control interest in the company held by the foreign entity or entities;
 (iii) the TC direct control interests in the company held by any *associate entities of the foreign entity