Document ID: chunk:federal_register_of_legislation:C2024A00023:clause:2_29:p12
Version: federal_register_of_legislation:C2024A00023
Segment Type: clause
Provision Reference: sch 2 cl 29 (pt 12/15)
Character Range: 44432–47113

the entity's depreciation and amortisation expenses.
 (2) The GR group EBITDA, for a period, of a *GR group for the period, is the sum of the following:
 (a) the GR group's net profit (disregarding tax expenses);
 (b) the GR group's *adjusted net third party interest expense;
 (c) the GR group's depreciation and amortisation expenses;
as disclosed in:
 (d) if paragraph 820‑53(2)(a) applies—the *audited consolidated financial statements for the *GR group parent for the period for the GR group; or
 (e) if paragraph 820‑53(2)(b) applies—the *global financial statements for the GR group parent for the period for the GR group.
 (3) For the purposes of subsection (2), in working out the *GR group's *GR group EBITDA for the period, if a *GR group member for the period of the GR group has an *entity EBITDA for the period of less than zero, disregard that entity EBITDA.
 (4) To avoid doubt, for the purposes of this section, an entity's, or a *GR group's, net profit (disregarding tax expenses) can be a negative amount.

820‑56  Special deduction for previously FRT disallowed amounts—fixed ratio test
 (1) An entity can deduct the amount worked out under subsection (2) from its assessable income for the income year if:
 (a) the entity has not made a choice under subsection 820‑46(3) or (4) in relation to the income year (fixed ratio test applies); and
 (b) the entity's *fixed ratio earnings limit for the income year exceeds the sum of the entity's *net debt deductions for the income year.
Note: The entity's net debt deductions for the income year can be a negative amount.
 (2) Work out the amount of the deduction as follows:
 (a) first, work out the amount of the excess mentioned in paragraph (1)(b);
 (b) next, apply against that excess each of the entity's *FRT disallowed amounts for the previous 15 income years (to the extent that they have not already been applied under this paragraph in respect of any of those previous income years).
The amount of the deduction is the total amount applied under paragraph (b).
 (3) For the purposes of paragraph (2)(b):
 (a) apply *FRT disallowed amounts in sequence, where a FRT disallowed amount for an earlier income year is applied before a FRT disallowed amount from a later income year; and
 (b) apply FRT disallowed amounts up to, but not beyond, the excess mentioned in paragraph (1)(b).
Note: As a result of paragraph (3)(b), part of a FRT disallowed amount may be applied against the excess mentioned in paragraph (1)(b).

820‑57  Meaning of FRT disallowed amount
  An entity has a fixed ratio test disallowed amount (or FRT disallowed amount) for an income year equal to:
 (a) if *debt deductions of the entity