Section 361 — Income Tax Assessment Act 1936: Attributable taxpayer in relation to a CFC or a CFT

(1) An entity (in this subsection called the test entity) is an attributable taxpayer in relation to a CFC at a particular time if, at that time: (a) the test entity is an Australian entity whose associate-inclusive control interest in the CFC is at least 10%; or (b) all of the following subparagraphs apply: (i) the CFC is a CFC at that time only because of paragraph 340(c); (ii) the CFC is controlled by any group of 5 or fewer Australian entities, either alone or together with associates (whether or not any associate is also an Australian entity); (iii) the test entity is an Australian 1% entity and is included in that group of 5 or fewer Australian entities. (2) An entity (in this subsection called the test entity) is an attributable taxpayer in relation to a CFT at a particular time if, at that time, the test entity is an Australian entity whose associate-inclusive control interest in the CFT is at least 10%. (3) Subsections (1) and (2) have effect subject to section 768-960 of the Income Tax Assessment Act 1997.