Section EX 15 — Income Tax Act 2007: Associates and 10% threshold

EX 15 Associates and 10% threshold Associates included (1) For the purpose of applying the 10% threshold in sections CD 45 , CQ 2 , EX 14 , EX 21 , EX 34 , and EX 58 , a person's income interest in a CFC is increased by each income interest in the CFC, for the relevant accounting period, of a person associated with the person. Exception (2) Despite subsection (1), the income interest of an associate is not counted if the associate is a CFC. Defined in this Act: accounting period , associated person , CFC , income interest , Compare: 2004 No 35 s EX 15 Section EX 15(1): substituted, on 1 April 2008, by section 383 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EX 15(1): amended (with effect on 30 June 2009), on 6 October 2009, by section 152(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EX 15(1): amended (with effect on 1 April 2008), on 6 October 2009, by section 152(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).