Document ID: chunk:federal_register_of_legislation:C2024A00132:section:13
Version: federal_register_of_legislation:C2024A00132
Segment Type: section
Provision Reference: s 13
Character Range: 9931–11075

13  Meanings of Entity and Ultimate Parent Entity
 (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.
 (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.
 (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).