Treasury Laws Amendment (Multinational - Global and Domestic Minimum Tax) (Consequential) Act 2024 (134 of 2024)

Schedule 1   Amendments

Income Tax Assessment Act 1997

15   After subsection 205-35(1A)

Insert:

(1B) An entity receives a refund of Australian DMT tax if and only if:

(a) either:

(i) the entity receives an amount as a refund; or

(ii) the Commissioner applies a credit, or an *RBA surplus, against a liability or liabilities of the entity; and

(b) the refund of the amount, or the application of the credit, represents in whole or in part a return to the entity of an amount paid or applied to satisfy the entity's liability to pay *Australian DMT tax.