Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 4/22)
Character Range: 7736937–7739641

the period, the entity's *annual global income for the period would have been $1 billion or more.
The Commissioner must give a notice of the determination to the global parent entity, or to another entity that becomes a *significant global entity as a result of the determination.
 (4) An entity who is dissatisfied with a determination made in relation to the entity may object against the determination in the manner set out in Part IVC of the Taxation Administration Act 1953.
 (5) However, if:
 (a) there has been a taxation objection (within the meaning of section 14ZL of the Taxation Administration Act 1953) against an *assessment relating to the entity; and
 (b) the assessment involved the application of section 177DA of the Income Tax Assessment Act 1936 (schemes that limit a taxable presence in Australia) in relation to the entity;
the right of objection under subsection (4) of this section is unaffected, but the outcome of that objection has no effect on the assessment or on the outcome of the taxation objection.
Note: Section 14ZVA of the Taxation Administration Act 1953 excludes from a taxation objection to an assessment any grounds (or potential grounds) for an objection to a determination under subsection (3) of this section.
 (6) A determination under subsection (3) is not a legislative instrument.
 (7) Section 175 of the Income Tax Assessment Act 1936 (validity) applies to a determination under subsection (3) of this section in the same way as it applies to an *assessment.

960‑560  Meaning of global parent entity
  A global parent entity is an entity that, according to:
 (a) *accounting principles; or
 (b) if accounting principles do not apply in relation to the entity—commercially accepted principles relating to accounting;
is not controlled by another entity.
Note: A global parent entity may be a single entity that is not a member of a group of entities.

960‑565  Meaning of annual global income
 (1) The annual global income of an entity for a period is:
 (aa) if the entity is a *member of a *notional listed company group—the total annual income of all the members of the group (worked out on the assumption that all members of the group were consolidated for accounting purposes as a single group); or
 (a) if paragraph (aa) does not apply and the entity is a member of a group of entities that are consolidated for accounting purposes as a single group—the total annual income of all the members of the group; or
 (b) otherwise—the total annual income of the entity;
as shown in the latest *global financial statements for the entity for the period.
 (2) Subsection (3) applies if:
 (a) *global financial statements have not been prepared for the entity