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

Schedule 1   Amendments

Taxation Administration Act 1953

60   At the end of Division 382 in Schedule 1

Add:

Subdivision 382-C - Keeping records in respect of Minimum Tax law

Table of sections

Operative provisions

382-20 Keeping of records in respect of Minimum Tax law

Operative provisions

382-20 Keeping of records in respect of Minimum Tax law

(1) A *Group Entity of an *Applicable MNE Group that is *GloBE located in Australia must:

(a) keep records that record and explain whether the Group Entity has complied with the *Minimum Tax law; and

(b) retain those records until the latest of the following:

(i) the end of 8 years after the records were prepared or obtained;

(ii) the end of 8 years after the completion of the transactions or acts to which those records relate;

(iii) if there is an assessment of the Group Entity, or another Group Entity of the Applicable MNE Group, of an amount payable under the Minimum Tax law to which those records relate and the period of review for the assessment is extended under subsection 155-35(3) or (4) - the end of the period of review as so extended.

(2) The records must be:

(a) in English, or readily accessible and easily convertible into English; and

(b) such as to enable the *Group Entity's liabilities under the *Minimum Tax law to be readily ascertained.

(3) A *Group Entity commits an offence if:

(a) the Group Entity is required to keep or retain a record under this section; and

(b) the Group Entity does not keep or retain the record in accordance with this section.

Penalty: 30 penalty units.

Note: Section 288-25 imposes an administrative penalty if the Group Entity does not keep or retain records as required by this section.

(4) Subsection (3) is an offence of strict liability.

(5) This section applies in relation to:

(a) a *GloBE Joint Venture of an *Applicable MNE Group; and

(b) a *GloBE JV Subsidiary of a GloBE Joint Venture of an Applicable MNE Group;

in the same way that it applies in relation to a *Group Entity of an Applicable MNE Group.

(6) If:

(a) a *Group Entity of an *Applicable MNE Group is a *GloBE Main Entity in respect of a *GloBE Permanent Establishment; and

(b) the Group Entity is not *GloBE located in Australia; and

(c) the GloBE Permanent Establishment is:

(i) GloBE located in Australia; or

(ii) a Stateless Constituent Entity (within the meaning of the *Minimum Tax Act);

this section applies in relation to the Group Entity in the same way that it applies in relation to a Group Entity that is GloBE located in Australia.