Document ID: chunk:federal_register_of_legislation:C2024A00023:clause:2_4
Version: federal_register_of_legislation:C2024A00023
Segment Type: clause
Provision Reference: sch 2 cl 4
Character Range: 55268–56338

4                                                                            Subsections 351(2) to (4)  The subsections do not apply

Modification of TC direct control interest—partnerships
 (6) For the purposes of this section, in working out whether the controlling entity holds a *TC direct control interest in a partnership, apply section 820‑865 as if:
 (a) the reference to "greatest" were a reference to "least"; and
 (b) paragraph 820‑865(b) were omitted.

Modified meaning of Australian entity
 (7) For the purposes of this section, in determining whether an entity is an *Australian entity (including for the purposes of determining whether another entity is a *foreign entity) at a particular time:
 (a) for the purposes of paragraph 336(a) of the Income Tax Assessment Act 1936, treat a partnership as being an Australian entity if, at that time, a *direct participation interest of 50% or more is held in the partnership by one or more of the following:
 (i) an Australian resident;
 (ii) an *Australian trust; and
 (b) disregard section 337 of that Act.