Part 3Multinational top-up tax
Chapter 9Special provision for investment entities, joint venture groups and minority-owned members
Investment entities
221Substance based income exclusion for investment entity
1
The substance based income exclusion for an investment entity is to be determined by adding together—
a
the payroll carve-out amount of the entity, and
b
the tangible asset carve-out amount of the entity,
2
3
4
If the filing member for the group elects not to calculate the substance based income exclusion for the period in a self-assessment (see F1Schedule 14), the exclusion is nil.
5
Paragraph 2 of Schedule 15 (annual elections) applies to an election under subsection (4).