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6 Found helpful • 8 Pages • Essays / Projects • Year: Pre-2021
We know that Bunny Ltd (“Bunny”) is a non-Australian resident and is resident in an unlisted jurisdiction. We can assume from this information that it is therefore a foreign company. We can also assume that Rabbit and Bunny are not related entities since there was no mentioning of any subsidiary or parent company relationship between the two companies. The three control tests under s340 ITAA36 needs to be met in order Bunny to pass as a CFC. Bunny needs to have five or fewer resident Australian shareholders to be able to meet the Strict Control Test under s340(a). The Assumed Control Test needs one resident shareholder of Bunny to directly or indirectly own an interest of 40% or more in the company under s340(b). The De facto Control Test needs Bunny to have five or fewer resident shareholders not holding an aggregate interest of 50% or more under s340(c) ITAA36. It is clear that Bunny only has one shareholder being Rabbit owning 100% of the Bunny’s shareholdings, thus satisfying the Strict Control and Assumed Control Test. We can deduce from this analysis that Bunny is in fact a Controlled Foreign Company (CFC).
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