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  • Business description and status – items 1 to 2

    In this section:

    1. Description of main business activity

    Describe as accurately as possible the business activity from which the partnership derived the highest gross income, for example, beef cattle breeding, vegetable growing, clothing manufacturing, confectionary wholesaling, domestic appliance retailing, or share trading. Do not use general descriptions, such as farming, manufacturing, wholesaling or investing.

    Industry code

    Show at A the appropriate industry code for the partnership’s main business.

    Use the Business industry code tool to find the code that describes your main business activity as accurately as possible. The industry code is made up of five digits, for example, if the industry is dairy cattle farming, the code on the tax return is shown as 01600.

    An incorrect code may result in either:

    • you not receiving a necessary service or material from us
    • incorrect targeting of audits.

    The industry code provided is also used to publish industry benchmarks in taxation statistics.

    The industry coding regime we use is a modified version of the Australian and New Zealand Standard Industrial Classification (ANZSIC) produced jointly by the Australian Bureau of Statistics (ABS) and Statistics New Zealand.

    2. Status of business

    Print X at B1B2 or B3 to show the appropriate description for the status of the business. If more than one selection applies, select the first applicable option. If none of the selections applies, leave B1 to B3 blank.

    Consolidation status (Z2)

    Print X at Z2 if the partnership was a subsidiary member of a consolidated group or MEC group at any time during the income year.

    In this case the tax return is for the period or periods during which the partnership was not a subsidiary member of a consolidated group or MEC group in the income year (non-membership periods). It will be necessary to complete any applicable schedule for periods attributable to the non-membership period.

    For information about reporting multiple non-membership periods during the year, see C9-5-110 in the Consolidation reference manual.

    G1 – Significant global entity

    Print X at G1 if the partnership was a significant global entity (SGE) for the income year.

    An entity is an SGE if it is:

    • a global parent entity with an annual global income of A$1 billion or more
    • a member of a group of entities consolidated for accounting purposes, and one of the other group members is a global parent entity with an annual global income of A$1 billion or more
    • a member of a notional listed company group, and one of the other group members is a global parent entity with an annual global income of A$1 billion or more.

    A notional listed company group is a group of entities that would be required to be consolidated as a single group for accounting purposes if a member of that group was a listed company. Disregard any exceptions in accounting principles that may permit an entity not to consolidate with other entities.

    An entity is also a SGE if it, or any other member of the actual or notional accounting consolidated group of which the entity is a member, has been given a notice by the Commissioner determining that its global parent entity would have an annual global income of A$1 billion or more for any period during the income year.

    See also:

    G2 – Country by country reporting entity

    Print X at G2 if the entity was a Country by country reporting entity (CBC reporting entity) for the income year.

    An entity is a CBC reporting entity if it is:

    • a country by country reporting parent
    • a member of a country by country reporting group, and one of the other group members is a CBC reporting parent with an annual global income of A$1 billion or more

    A country by country reporting group may be a group that is consolidated for accounting purposes as a single group or a notional listed company group. A notional listed company group is a group of entities that would be required to be consolidated as a single group for accounting purposes if a member of that group was a listed company. Unlike the SGE definition, the exception to consolidation in the accounting principles related to investment entities is not disregarded; that is, if applicable, when determining whether an entity is a CBC reporting entity, the investment entity exception in the accounting principles should be applied, if it is applicable.

    An entity will have CBC reporting obligations if it was a CBC reporting entity at any time in the preceding income year.

    See also:

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    Last modified: 27 May 2021QC 64904