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.