Document ID: chunk:federal_register_of_legislation:F2024L01740:front:0:p16
Version: federal_register_of_legislation:F2024L01740
Segment Type: other
Provision Reference: 
Character Range: 40680–43290

Top‑up Tax Amount for the Fiscal Year; and
 (b) the Main Entity has a UTPR Top‑up Tax Amount for the Fiscal Year.
 (5) For the purposes of subsections (2) and (4), the UTPR Top‑up Tax Amount is equal to the amount distributed to the Constituent Entity as mentioned in paragraph (2)(c).
 (6) To avoid doubt, if the Constituent Entity is an Investment Entity or Insurance Investment Entity, it does not have a UTPR Top‑up Tax Amount for the Fiscal Year.
Note 1: Under the formula in subsection 2‑70(3), an amount of the Australian allocated amount will not be distributed to such a Constituent Entity (see section 2‑85).
Note 2: If the Constituent Entity is Securitisation Entity, it will not have a UTPR Top‑up Tax Amount for the Fiscal Year unless the only Constituent Entities of the MNE Group that are located in its jurisdiction are Securitisation Entities (see paragraph 2‑85(2)(c)).

2‑50  UTPR Top‑up Tax Amount—special rule for consolidated groups
 (1) Subsection (2) applies if a Constituent Entity of an MNE Group:
 (a) is a subsidiary member of a consolidated group; and
 (b) is not any of the following:
 (i) an Investment Entity;
 (ii) an Insurance Investment Entity;
 (iii) a Securitisation Entity for the Fiscal Year.
 (2) Despite section 2‑45, the Constituent Entity's UTPR Top‑up Tax Amount for the Fiscal Year is taken to be reduced to zero.
 (3) Subsection (4) applies if the Constituent Entity is the head company of a consolidated group.
 (4) The amount of the Constituent Entity's UTPR Top‑up Tax Amount for the Fiscal Year is taken to be increased by the amount of each reduction under subsection (2) of this section (if any) in respect of a subsidiary member of the consolidated group.
 (5) This section applies in relation to a MEC group in the same way in which it applies in relation to a consolidated group.
 (6) The following terms have the same meaning in this section as they do in the Income Tax Assessment Act 1997:
 (a) consolidated group;
 (b) head company;
 (c) MEC group;
 (d) subsidiary member.

2‑55  Meaning of Total UTPR Top‑up Tax Amount
 (1) The Total UTPR Top‑up Tax Amount for an MNE Group for a Fiscal Year is the sum of the following:
 (a) the total of the Top‑up Tax for the Fiscal Year of each Low‑Taxed Constituent Entity for the Fiscal Year of the MNE Group, as adjusted in accordance with this section;
 (b) if there are one or more Joint Ventures of the MNE Group—the total of the Ultimate Parent Entity's Allocable Share of the Top‑up Tax of each Joint Venture, and of each of its JV Subsidiaries (if any), as adjusted in accordance with this section.
Note: