Document ID: chunk:federal_register_of_legislation:C2015A00170:clause:1_3:p2
Version: federal_register_of_legislation:C2015A00170
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 2/2)
Character Range: 5967–8318

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
  The annual global income of a *global parent entity for a period is:
 (a) if 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.

960‑570  Meaning of global financial statements
  Global financial statements for a *global parent entity for a period (the relevant period) are the financial statements that:
 (a) have been prepared and audited in relation to that entity, or that entity and other entities, in accordance with:
 (i) *accounting principles and *auditing principles; or
 (ii) if such principles do not apply—commercially accepted principles, relating to accounting and auditing, that ensure the statements give a true and fair view of the financial position and performance of that entity (or that entity and the other entities on a consolidated basis); and
 (b) are for the most recent period ending:
 (i) no later than the end of the relevant period; and
 (ii) no earlier than 12 months before the start of the relevant period.