Taxation (Multinational - Global and Domestic Minimum Tax) Act 2024
An International Organisation is any of the following: (a) an intergovernmental or supranational organisation that meets all of the following criteria:
(i) it is comprised primarily of governments;
(ii) it has in effect a headquarters agreement (or substantially similar agreement) with the jurisdiction in which the organisation is established (for example, an arrangement that entitles the organisation ' s offices or establishments in the jurisdiction to privileges and immunities);
(b) an Entity that meets both of the following criteria:
(iii) law or its governing documents prevent its income inuring to the benefit of private persons;
(i) it acts for, is part of, or is wholly-owned by an organisation described in paragraph (a) ;
(ii) law or its governing documents prevent its income inuring to the benefit of private persons.
22(2)
A Non-profit Organisation is an Entity that meets all of the following criteria: (a) it is established and operated in the jurisdiction where it is created and managed:
(i) exclusively for religious, charitable, scientific, artistic, cultural, athletic, educational or other similar purposes; or
(b) substantially all of its income from its operations as mentioned in paragraph (a) is exempt from income tax in the jurisdiction where it is created and managed; (c) it has no shareholders or members who have a proprietary or beneficial interest in its income or assets; (d) its income or assets may not be distributed to, or applied for the benefit of, a private person or non-charitable Entity other than:
(ii) as a professional organisation, business league, chamber of commerce, labour organisation, agricultural or horticultural organisation, civic league or an organisation operated exclusively for the promotion of social welfare;
(i) pursuant to the conduct of its operations as mentioned in paragraph (a) ; or
(ii) as payment of reasonable compensation for services rendered or for the use of property or capital; or
(e) upon its termination, liquidation or dissolution, all of its assets must be distributed or revert to a Non-profit Organisation or to the government (including any Governmental Entity) of the jurisdiction where it is created and managed, or any political subdivision thereof; (f) it does not carry on a trade or business that is not directly related to the purposes for which it was established.
(iii) as payment representing the fair market value of property which it has purchased;
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