Document ID: chunk:federal_register_of_legislation:C2024A00132:section:34:p2
Version: federal_register_of_legislation:C2024A00132
Segment Type: section
Provision Reference: s 34 (pt 2/3)
Character Range: 37428–40434

Ownership Interest:
 (a) is required to consolidate the assets, liabilities, income, expenses and cash flows of the Entity on a line‑by‑line basis in accordance with an Acceptable Financial Accounting Standard; or
 (b) would have been required to consolidate the assets, liabilities, income, expenses and cash flows of the Entity on a line‑by‑line basis if the holder of the Ownership Interest had prepared Consolidated Financial Statements.
Note: A Main Entity is taken to hold a Controlling Interest in its Permanent Establishments: see paragraph 18(2)(b).
Covered Taxes has the meaning given by the Rules.
Direct Ownership Interest: see section 38.
Direct Ownership Interest Percentage: see section 39.
Domestic Top‑up Tax Amount: see section 9.
Entity: see section 13.
Excluded Entity: see section 20.
Excluded Service Entity: see section 25.
Filing Constituent Entity, for an MNE Group, means a Constituent Entity of the MNE Group that files a GloBE Information Return for the MNE Group.
Financial Accounting Net Income or Loss has the meaning given by the Rules.
Fiscal Year means:
 (a) if paragraph (b) does not apply—an accounting period with respect to which the Ultimate Parent Entity of an MNE Group prepares its Consolidated Financial Statements; or
 (b) if paragraph (d) of the definition of Consolidated Financial Statements applies in relation to the Ultimate Parent Entity—a calendar year.
Five‑Year Election: see section 36.
Flow‑through Entity has the meaning given by the Rules.
GloBE Information Return has the meaning given by the Income Tax Assessment Act 1997.
GloBE Rules: see subsection 3(4).
GloBE Threshold, for a Fiscal Year: see subsection 12(3).
Governmental Entity: see section 21.
Group: see subsection 14(2).
Group Entity: see section 15.
IFRS means the International Financial Reporting Standards.
IIR Top‑up Tax Amount: see section 7.
Indirect Ownership Interest: see section 38.
Indirect Ownership Interest Percentage: see section 39.
International Organisation: see subsection 22(1).
Investment Fund: see section 24.
Joint Venture: see section 26.
JV Group: see subsection 27(1).
JV Subsidiary: see subsections 27(2) and (3).
Main Entity, in respect of a Permanent Establishment: see subsection 19(2).
Material Competitive Distortion, in respect of Consolidated Financial Statements:
 (a) unless paragraph (b) applies—means an application of a specific principle or procedure, under the set of generally accepted accounting principles used in preparing the Consolidated Financial Statements, that results in an aggregate variation greater than 75 million Euros in a Fiscal Year as compared to the amounts that would have been determined by applying the corresponding IFRS principle or procedure; or
 (b) if Rules made for the purposes of this paragraph define Material Competitive Distortion—has the meaning given by the Rules.
Note: Section 35 allows the Rules to provide for currency translation in respect of amounts of aggregate variation.
MNE Group: see subsection