Commonwealth Numbered Acts

TAXATION (MULTINATIONAL--GLOBAL AND DOMESTIC MINIMUM TAX) ACT 2024 (NO. 132, 2024)

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

   1.      Short title  
   2.      Commencement  
   3.      Interpreting this Act  
   4.      Geographical application of this Act  
   5.      Application of this Act to Fiscal Years  

   PART 2--LIABILITY

           Division 1--Australian IIR tax (income inclusion rule tax)

   6.      Liability to tax--Australian IIR tax  
   7.      Meaning of IIR Top - up Tax Amount  

           Division 2--Australian DMT tax (domestic minimum top-up tax)

   8.      Liability to tax--Australian DMT tax  
   9.      Meaning of Domestic Top - up Tax Amount  

           Division 3--Australian UTPR tax (undertaxed profits rule tax)

   10.     Liability to tax--Australian UTPR tax  
   11.     Meaning of UTPR Top - up Tax Amount  

   PART 3--CORE--GROUP AND ENTITY CONCEPTS

           Division 1--Groups, Entities and Permanent Establishments

   12.     Meaning of Applicable MNE Group  
   13.     Meanings of Entity and Ultimate Parent Entity  
   14.     Meanings of MNE Group and Group  
   15.     Meaning of Group Entity  
   16.     Meaning of Constituent Entity  
   17.     Groups--general structure  
   18.     Groups--structure with Permanent Establishment  
   19.     Meanings of Permanent Establishment and Main Entity  

           Division 2--Excluded Entities

   20.     Meaning of Excluded Entity  
   21.     Meaning of Governmental Entity  
   22.     Meanings of International Organisation and Non - profit Organisation  
   23.     Meanings of Pension Fund and Pension Services Entity  
   24.     Meanings of Real Estate Investment Vehicle and Investment Fund  
   25.     Meaning of Excluded Service Entity  

           Division 3--Joint Ventures and Multi-Parented MNE Groups

   26.     Joint Ventures  
   27.     Meanings of JV Group and JV Subsidiary  
   28.     Multi - Parented MNE Groups  

   PART 4--RULES

   29.     The Rules--general  
   30.     The Rules--conferral of powers and functions  
   31.     The Rules--incorporation by reference  
   32.     The Rules--retrospective application  
   33.     The Rules--miscellaneous  

   PART 5--INTERPRETATION

           Division 1--Definitions

   34.     Definitions  
   35.     Currency translation of aggregate variation--definition of Material Competitive Distortion  

           Division 2--Elections

   36.     Five - Year Elections  
   37.     Annual Elections  

           Division 3--Ownership Interests and Ownership Interest Percentages

   38.     Meanings of Ownership Interest , Direct Ownership Interest and Indirect Ownership Interest  
   39.     Meanings of Ownership Interest Percentage , Direct Ownership Interest Percentage and Indirect Ownership Interest Percentage  

           Division 4--Location of Entities and Permanent Establishments

   40.     Location of an Entity that is not a Flow - through Entity  
   41.     Location of an Entity that is a Flow - through Entity  
   42.     Location of a Permanent Establishment  
   43.     Dual - located entities  
   44.     Change of location during a Fiscal Year