Document ID: chunk:federal_register_of_legislation:C2015A00149:clause:1_1
Version: federal_register_of_legislation:C2015A00149
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 1884–2671

1  Subsection 3C(1)
Repeal the subsection, substitute:
 (1) This section applies to a corporate tax entity for an income year if, according to information reported to the Commissioner in the entity's income tax return for the income year:
 (a) the entity has total income equal to or exceeding $100 million for the income year; and
 (b) at the end of the income year:
 (i) the entity is not an Australian resident that is a private company for the income year; or
 (ii) the entity is a member of a wholly‑owned group that has a foreign resident ultimate holding company; or
 (iii) the percentage of foreign shareholding in the entity is greater than 50%.
An expression used in this subsection that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.