Document ID: chunk:federal_register_of_legislation:C2020A00079:clause:1_15
Version: federal_register_of_legislation:C2020A00079
Segment Type: clause
Provision Reference: sch 1 cl 15
Character Range: 8655–9754

15  Subsection 832‑325(1)
Repeal the subsection (not including the heading or notes), substitute:
 (1) An entity is a liable entity, in a country, in respect of its income or profits if:
 (a) for Australia:
 (i) *tax is imposed on the entity in respect of all or part of its income or profits for an income year; or
 (ii) the entity is a *public trading trust (including a trust that makes a choice under section 703‑50 (Choice to consolidate a consolidatable group)); or
 (iii) the entity is an entity to which Division 295 (about superannuation entities) applies; and
 (b) for a foreign country—*foreign income tax (except a tax covered by subsection 832‑130(7)) is imposed under the law of the foreign country:
 (i) on the entity in respect of all or part of its income or profits for a *foreign tax period; or
 (ii) on the income or profits of the entity in a way that corresponds to the way that foreign income tax is imposed under the law of that country on the income or profits of a company (regardless whether the foreign income tax is actually imposed on that entity, or another entity).