Document ID: chunk:federal_register_of_legislation:F2024L01740:reg:10:p7
Version: federal_register_of_legislation:F2024L01740
Segment Type: reg
Provision Reference: reg 10 (pt 7/10)
Character Range: 366950–370044

in the benefit jurisdiction;
 (vi) a life insurance company that is located in the benefit jurisdiction.
Qualified Refundable Tax Credit: see subsections 3‑125(1) and (2).
Qualified UTPR means a Tax that is:
 (a) imposed under a law of a jurisdiction; and
 (b) specified in a determination under paragraph 10‑15(c).
Recapture Account Loss Carry‑forward: see subsection 7‑60(2).
Recaptured Deferred Tax Liability: see section 4‑105.
Recapture Exception Accrual: see section 4‑110.
Reductions to Covered Taxes: see section 4‑20.
Reference Jurisdiction: See section 9‑50.
Refundable Tax Credit: see subsection 3‑125(4).
Relevant CbC Regulations: see subsection 8‑195(1).
Restricted Tier One Capital: see subsection 3‑210(2).
Reverse Hybrid Entity: see section 10‑40.
Routine profits test: see section 8‑60.
SC De minimis test: see section 8‑160.
SC ETR test: see section 8‑165.
SC Routine profits test: see section 8‑170.
Securitisation Arrangement: see section 8‑220.
Securitisation Entity: see section 10‑25.
Short‑term Portfolio Shareholding: see subsection 3‑25(3).
Simplified Covered Taxes: see section 8‑50.
Simplified ETR: see section 8‑45.
Simplified ETR test: see section 8‑40.
Stapled Structure: see subsection 6‑85(3).
Substance‑based Income Exclusion Amount: see section 5‑50.
Substitute Loss Carry‑forward DTA: see section 4‑95.
Tangible Asset Carve‑out Amount: see subsection 5‑65(1).
Tax means a compulsory unrequited payment to general government.
tax functional currency: see subsection 3‑60(1).
Tax Transparent Entity: see section 10‑35.
Tax Transparent Structure: see section 10‑45.
Top‑up Tax: see section 5‑40.
Top‑up Tax Percentage: see section 5‑20.
Total Deferred Tax Adjustment Amount: see sections 4‑85 and 4‑90.
Total Revenue: see sections 8‑25 and 8‑190.
Total UTPR Top‑up Tax Amount: see subsection 2‑55(1).
Transition Period: see section 8‑15.
Transition Rate: see section 8‑55.
Transition Year: see section 9‑20.
Unclaimed Accrual: see subsection 4‑115(2).
Undistributed Net GloBE Income Account: see section 7‑160.
UTPR means any law of a jurisdiction that may reasonably be considered to have been enacted with the intention of implementing, in whole or in part, Articles 2.4 to 2.6 of the GloBE Rules.
UTPR Percentage: See section 2‑65.
UTPR Top‑up Tax Amount: see section 2‑45.

10‑10  GloBE Implementation Framework
 (1) This section is made for the purposes of paragraph (a) of the definition of GloBE Implementation Framework in subsection 995‑1(1) of the Income Tax Assessment Act 1997.
 (2) GloBE Implementation Framework means the procedures mentioned in the definition of GloBE Implementation Framework in the GloBE Rules, as those procedures exist from time to time.

10‑15  Qualified GloBE taxes
  The Minister may, by legislative instrument, make a determination:
 (a) specifying a Tax, for a specified Fiscal Year, that is a Qualified IIR; and
 (b) specifying a Tax, for a specified Fiscal Year, that is a Qualified Domestic Minimum Top‑up Tax; and
 (c) specifying a Tax, for a specified Fiscal Year, that is a Qualified UTPR.

10‑20  Direct Ownership