Taxation (Multinational - Global and Domestic Minimum Tax) Rules 2024

CHAPTER 9 - TRANSITION RULES  

PART 9-3 - EXCLUSION FROM THE UTPR OF MNE GROUPS IN THE INITIAL PHASE OF THEIR INTERNATIONAL ACTIVITY  

SECTION 9-45   IF AUSTRALIA IS THE REFERENCE JURISDICTION, SECTION 9-40 DOES NOT APPLY ETC.  

9-45(1)    
This section applies in relation to a Fiscal Year covered by subsection 9-40(2) if:

(a)    disregarding subsection (2) of this section, subsection 9-40(1) applies in relation to the Fiscal Year; and

(b)    Australia is the Reference Jurisdiction of the MNE Group.

9-45(2)    
Subsection 9-40(1) does not apply in relation to the Fiscal Year.

9-45(3)    
For the purposes of Part 2-5 , the Top-up Tax for the Fiscal Year of a Low-Taxed Constituent Entity of the MNE Group is taken to be zero if the Low-Taxed Constituent Entity is located in Australia.

9-45(4)    
For the purposes of Part 2-6 :

(a)    the UTPR Percentage of each jurisdiction other than Australia is deemed to be zero; and

(b)    the UTPR Percentage of Australia is deemed to be 100%.