Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 (170 of 2015)

Schedule 1   Significant global entities

Taxation Administration Act 1953

4A   Paragraphs 3C(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) the entity has total income equal to or exceeding $100 million for the income year and, at the end of the income year:

(i) the entity is not an Australian resident that is a private company for the income year; or

(ii) the entity is a member of a wholly-owned group that has a foreign resident ultimate holding company; or

(iii) the percentage of foreign shareholding in the entity is greater than 50%; or

(b) the entity has total income equal to or exceeding $200 million for the income year and, at the end of the income year, the entity is an Australian resident that is a private company for the income year.