Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Act 2015 (149 of 2015)

Schedule 1   Amendments

Taxation Administration Act 1953

1   Subsection 3C(1)

Repeal the subsection, substitute:

(1) This section applies to a corporate tax entity for an income year if, according to information reported to the Commissioner in the entity's income tax return for the income year:

(a) the entity has total income equal to or exceeding $100 million for the income year; and

(b) 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%.

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.