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

PART 3 - CORE GROUP AND ENTITY CONCEPTS  

Division 1 - Groups, Entities and Permanent Establishments  

SECTION 13   MEANINGS OF ENTITY AND ULTIMATE PARENT ENTITY  

13(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.

13(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.

13(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) .