Income Tax Assessment Act 1997
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View history noteChapter 4 inserted by No 162 of 2001.
Part 4-5 inserted by No 162 of 2001.
Div 815 inserted by No 115 of 2012, s 3 and Sch 1 item 6, effective 8 September 2012.
Subdiv 815-E heading substituted by No 49 of 2020, s 3 and Sch 1 item 1, effective 1 July 2020. No 49 of 2020, s 3 and Sch 1 item 21 contains the following application provision:
21 Application
(1)
The amendments made apply in relation to income years or other periods starting on or after 1 July 2019.
(2)
To avoid doubt, the amendments made apply for the purposes of working out whether an entity was a CBC reporting entity for a period as mentioned in paragraph
815-355(1)(a)
of the
Income Tax Assessment Act 1997
(as amended), even if that period started before 1 July 2019.
(3)
Subitem (4) applies if:
(a)
an entity is a significant global entity for an income year or other period that starts:
(i)
on or after 1 July 2019; and
(ii)
before 1 July 2020; and
(b)
disregarding the amendments made, the entity would not be a significant global entity for that income year or other period.
(4)
For the purposes of Divisions
284
and
286
in Schedule
1
to the
Taxation Administration Act 1953
, treat the entity as not being a significant global entity for that income year or other period.
The heading formerly read:
Subdivision 815-E - Reporting obligations for significant global entities
Subdiv 815-E inserted by No 170 of 2015, s 3 and Sch 4 item 1, applicable in relation to income years starting on or after 1 January 2016.
SECTION 815-370 815-370 Meaning of country by country reporting entity (or CBC reporting entity )
An entity is a country by country reporting entity (or CBC reporting entity ) for a period if:
(a) the entity is a *CBC reporting parent for the period; or
(b) the entity is a *member of a *CBC reporting group during the period and another member of that group is a CBC reporting parent for the period.
S 815-370 inserted by No 49 of 2020, s 3 and Sch 1 item 5, effective 1 July 2020. For application provision, see note under Subdiv 815-E heading.
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