Treasury Laws Amendment (2022 Measures No. 1) Act 2022 (35 of 2022)

Schedule 4   Minor and technical amendments

Part 6   Corporate tax transparency

Taxation Administration Act 1953

1   Subsection 3C(1)

Repeal the subsection, substitute:

(1) This section applies to an entity for an income year if:

(a) the entity is a corporate tax entity; and

(b) the entity has total income equal to or exceeding $100 million for the income year, according to information reported to the Commissioner in the entity's income tax return for the income year.

An expression used in this subsection that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.