Commonwealth Numbered Acts Commonwealth Numbered Acts(1) Entity means:
(a) any legal person (other than a natural person); or
(b) an arrangement that is required to prepare separate financial accounts, such as a partnership or trust.
(2) However, none of the following is an Entity :
(a) the Commonwealth;
(b) a State or Territory;
(c) the government of a foreign country or of part of a foreign country;
(d) an authority of a government covered by paragraph (a), (b) or (c) that carries out government functions.
(3) Ultimate Parent Entity means:
(a) an Entity:
(i) that holds a Controlling Interest in another Entity; and
(ii) in which a Controlling Interest is not held by another Entity; or
(b) an Ultimate Parent Entity under paragraph 18(4)(c).
Note 1: See subsection 18(4) for a situation where the Main Entity in respect of one or more Permanent Establishments may be the Ultimate Parent Entity of a Group.
Note 2: For the purposes of subsection (3) of this section, a Governmental Entity that meets the criterion in subparagraph 21(1)(b)(ii) (a sovereign wealth fund) is treated as not being an Entity: see subsection 21(2).