Legislation, Legislation In force, Commonwealth Legislation

Taxation (Multinational—Global and Domestic Minimum Tax) Act 2024 (Cth)

An Act to implement a multinational top‑up tax, and for related purposes Contents Part 1—Preliminary 1 Short title 2 Commencement 3 Interpreting this Act 4 Geographical application of this Act 5 Application of this Act to Fiscal Years Part 2—Liability Division 1—Australian IIR tax (income inclusion rule tax) 6 Liability to tax—Australian IIR tax 7 Meaning of IIR Top‑up Tax Amount Division 2—Australian DMT tax (domestic minimum top‑up tax) 8 Liability to tax—Australian DMT tax 9 Meaning of Domestic Top‑up Tax Amount Division 3—Australian UTPR tax (undertaxed profits rule tax) 10 Liability to tax—Australian UTPR tax 11 Meaning of UTPR Top‑up Tax Amount Part 3—Core Group and Entity concepts Division 1—Groups, Entities and Permanent Establishments 12 Meaning of Applicable MNE Group 13 Meanings of Entity and Ultimate Parent Entity 14 Meanings of MNE Group and Group 15 Meaning of Group Entity 16 Meaning of Constituent Entity 17 Groups—general structure 18 Groups—structure with Permanent Establishment 19 Meanings of Permanent Establishment and Main Entity Division 2—Excluded Entities 20 Meaning of Excluded Entity 21 Meaning of Governmental Entity 22 Meanings of International Organisation and Non‑profit Organisation 23 Meanings of Pension Fund and Pension Services Entity 24 Meanings of Real Estate Investment Vehicle and Investment Fund 25 Meaning of Excluded Service Entity Division 3—Joint Ventures and Multi‑Parented MNE Groups 26 Joint Ventures 27 Meanings of JV Group and JV Subsidiary 28 Multi‑Parented MNE Groups Part 4—Rules 29 The Rules—general 30 The Rules—conferral of powers and functions 31 The Rules—incorporation by reference 32 The Rules—retrospective application 33 The Rules—miscellaneous Part 5—Interpretation Division 1—Definitions 34 Definitions 35 Currency translation of aggregate variation—definition of Material Competitive Distortion Division 2—Elections 36 Five‑Year Elections 37 Annual Elections Division 3—Ownership Interests and Ownership Interest Percentages 38 Meanings of Ownership Interest, Direct Ownership Interest and Indirect Ownership Interest 39 Meanings of Ownership Interest Percentage, Direct Ownership Interest Percentage and Indirect Ownership Interest Percentage Division 4—Location of Entities and Permanent Establishments 40 Location of an Entity that is not a Flow‑through Entity 41 Location of an Entity that is a Flow‑through Entity 42 Location of a Permanent Establishment 43 Dual‑located entities 44 Change of location during a Fiscal Year Taxation (Multinational—Global and Domestic Minimum Tax) Act 2024 No.