Section FE 31C — Income Tax Act 2007: CFCs in worldwide group for natural persons or trustees described in section FE 2(1)(g)

FE 31C CFCs in worldwide group for natural persons or trustees described in section FE 2(1)(g) When this section applies (1) This section applies when a natural person or trustee described in section FE 2(1)(g) has— (a) a 50% or more ownership interest in an excess debt outbound company that is a member of a worldwide group ( worldwide group A ); and (b) an interest, in an entity not part of the worldwide group A, that is— (i) an income interest in a CFC: (ii) an interest in a FIF that meets the requirements of section EX 35 (Exemption for interest in FIF resident in Australia): (iii) an interest in a FIF for which the natural person or trustee uses the attributable FIF income method. Transfer (2) The CFC is part of the worldwide group A. Ownership interests (3) For the purposes of this section, ownership interests are determined under sections FE 38 to FE 41 . Defined in this Act: attributable FIF income method , CFC , excess debt outbound company , FIF , income interest , New Zealand , non-resident Section FE 31C: inserted (with effect on 30 June 2009), on 6 October 2009, by section 225(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section FE 31C(1)(b): replaced (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 63(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section FE 31C list of defined terms attributable FIF income method : inserted (with effect on 1 July 2011), on 7 May 2012, by section 63(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section FE 31C list of defined terms FIF : inserted (with effect on 1 July 2011), on 7 May 2012, by section 63(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).