INCOME TAX ASSESSMENT ACT 1936 - SECT 177K Diverted profits tax--$25 million income test

INCOME TAX ASSESSMENT ACT 1936 - SECT 177K

  (1)   This section applies in relation to the relevant taxpayer, in relation to the DPT tax benefit, if the sum of the following does not exceed $25 million:

  (a)   the assessable income of the relevant taxpayer for the year of income mentioned in paragraph   177J(1)(a);

  (b)   the exempt income of the relevant taxpayer for that year of income;

  (c)   the non - assessable non - exempt income of the relevant taxpayer for that year of income;

  (d)   the assessable income of each entity covered by subsection   (2) for that year of income;

  (e)   if the DPT tax benefit is a tax benefit mentioned in paragraph   177C(1)(a)--the amount of the DPT tax benefit.

  (2)   An entity is covered by this subsection if for the year of income mentioned in paragraph   177J(1)(a):

  (a)   the entity is an associate (within the meaning given by section   318) of the relevant taxpayer; and

  (b)   both the entity and the relevant taxpayer:

  (i)   are members of the same global group; and

  (ii)   are significant global entities because they are members of that group.