Document ID: chunk:federal_register_of_legislation:C2015C00124:clause:1_47
Version: federal_register_of_legislation:C2015C00124
Segment Type: clause
Provision Reference: sch 1 cl 47
Character Range: 37509–38440

47  Transitional MPR thresholds
(1) Subitem (2) applies if an entity is a corporate tax entity.
(2) If the entity's MPR test day for an income year mentioned in subsection 45‑138(1) in Schedule 1 to the Taxation Administration Act 1953 is before 1 October 2015, treat the reference in paragraph (a) of that subsection to $20 million as a reference to:
 (a) if that MPR test day is before 1 October 2014—$1 billion; or
 (b) otherwise—$100 million.
(3) Subitem (4) applies if an entity is not a corporate tax entity.
(4) If the entity's MPR test day for an income year mentioned in subsection 45‑138(1) in Schedule 1 to the Taxation Administration Act 1953 is before 1 October 2016, treat the reference in paragraph (a) of that subsection to $20 million as a reference to $1 billion.
(5) Disregard subitems (2) and (4) for the purposes of subsection 45‑136(4) in Schedule 1 to the Taxation Administration Act 1953 (MP stop notice).