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

Schedule 1   Amendments

Income Tax Assessment Act 1997

27   Subsection 995-1(1)

Insert:

Applicable MNE Group , for a *Fiscal Year, has the same meaning as in the *Minimum Tax Act, as affected by section 28 of that Act.

Australian DMT tax means tax payable under section 8 of the *Minimum Tax Act.

Note: DMT is short for Domestic Minimum Top-up.

Australian DMT tax amount means a Domestic Top-up Tax Amount (within the meaning of the *Minimum Tax Act).

Australian DMT tax return has the meaning given by section 127-45 in Schedule 1 to the Taxation Administration Act 1953.

Australian GloBE tax means:

(a) *AustralianDMT tax; and

(b) *AustralianIIR tax; and

(c) *AustralianUTPR tax.

Australian GloBE tax affairs means affairs relating to:

(a) *Australian IIR/UTPR tax; or

(b) *Australian DMT tax.

Australian IIR tax means tax payable under section 6 of the *Minimum Tax Act.

Note: IIR is short for income inclusion rule.

Australian IIR/UTPR tax means:

(a) *Australian IIR tax; and

(b) *Australian UTPR tax.

Australian IIR/UTPR tax amount means:

(a) an IIR Top-up Tax Amount (within the meaning of the *Minimum Tax Act); or

(b) a UTPR Top-up Tax Amount (within the meaning of that Act).

Australian IIR/UTPR tax return has the meaning given by section 127-35 in Schedule 1 to the Taxation Administration Act 1953.

Australian UTPR tax means tax payable under section 10 of the *Minimum Tax Act.

Note: UTPR is short for undertaxed profits rule.

Constituent Entity , of an *Applicable MNE Group, has the same meaning as in the *Minimum Tax Act, as affected by section 28 of that Act.

Designated Filing Entity has the meaning given by section 127-25.

Designated Local Entity has the meaning given by section 127-15.

Fiscal Year has the same meaning as in the *Minimum Tax Act.

foreign DMT tax has the meaning given by section 770-150.

foreign GloBE tax means:

(a) *foreign DMT tax; and

(b) *foreign IIR tax; and

(c) *foreign UTPR tax.

foreign IIR tax means tax that:

(a) is payable under a *foreign law; and

(b) satisfies the requirements of the IIR (within the meaning of the *GloBE Rules).

foreign UTPR tax means tax that:

(a) is payable under a *foreign law; and

(b) satisfies the requirements of the UTPR (within the meaning of the *GloBE Rules).

GloBE Entity means an Entity (within the meaning of the *Minimum Tax Act).

GloBE Excluded Entity means an Excluded Entity (within the meaning of the *Minimum Tax Act).

GloBE Implementation Framework :

(a) means the GloBE Implementation Framework (within the meaning of the *Minimum Tax Rules); or

(b) if the expression GloBE Implementation Framework is not used in the Minimum Tax Rules - has the meaning given by the regulations.

GloBE Information Return has the meaning given by section 127-5 in Schedule 1 to the Taxation Administration Act 1953.

GloBE Investment Entity :

(a) means an Investment Entity (within the meaning of the *Minimum Tax Rules); or

(b) if the expression Investment Entity is not used in the Minimum Tax Rules - has the meaning given by the regulations.

GloBE Joint Venture means a Joint Venture (within the meaning of the *Minimum Tax Act).

GloBE JV Subsidiary means a JV Subsidiary (within the meaning of the *Minimum Tax Act).

GloBE located : a *GloBE Entity or *GloBE Permanent Establishment is GloBE located in a jurisdiction for a *Fiscal Year if the GloBE Entity or GloBE Permanent Establishment is located in that jurisdiction for the Fiscal Year for the purposes of the *Minimum Tax Act.

GloBE Main Entity , in respect of a *GloBE Permanent Establishment, means the Main Entity (within the meaning of the *Minimum Tax Act) in respect of the GloBE Permanent Establishment.

GloBE partnership has the meaning given by subsection 128-20(6) in Schedule 1 to the Taxation Administration Act 1953.

GloBE Permanent Establishment means a Permanent Establishment (within the meaning of the *Minimum Tax Act).

GloBE Rules has the same meaning as in the *Minimum Tax Act.

GloBE Securitisation Entity means a Securitisation Entity (within the meaning of the *Minimum Tax Act).

GloBE Transition Year , of an *Applicable MNE Group:

(a) means the Applicable MNE Group's Transition Year (within the meaning of the *Minimum Tax Rules) for Australia; or

(b) if the expression Transition Year is not used in the Minimum Tax Rules - has the meaning given by the regulations.

GloBE Ultimate Parent Entity , of an *Applicable MNE Group, means the Ultimate Parent Entity (within the meaning of the *Minimum Tax Act, as affected by section 28 of that Act) of the Applicable MNE Group.

Group Entity , of an *Applicable MNE Group, has the same meaning as in the *Minimum Tax Act.

Minimum Tax Act means the Taxation (Multinational - Global and Domestic Minimum Tax) Act 2024.

Minimum Tax law means:

(a) the *Minimum Tax Act; and

(b) any Act that imposes *Australian GloBE tax; and

(c) the Taxation Administration Act 1953, so far as it relates to an Act covered by paragraph (a) or (b); and

(d) any other Act, so far as it relates to an Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and

(e) regulations or any legislative instrument under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).

Minimum Tax Rules means the Rules (within the meaning of the *Minimum Tax Act).

Ownership Interest Percentage has the same meaning as in the *Minimum Tax Act.

pays Australian DMT tax has the meaning given by subsection 205-20(3B).