Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX

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PART 4-5 - GENERAL

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Division 815 - Cross-border transfer pricing

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Subdivision 815-E - Reporting obligations for country by country reporting entities

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History

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.

Operative provisions

SECTION 815-375 Meaning of country by country reporting parent (or CBC reporting parent )

815-375(1)
An entity is a country by country reporting parent (or CBC reporting parent ) for a period if:

(a) the entity is not an individual; and

(b) if the entity is a *member of a *CBC reporting group at the end of the period - it is an entity that, according to:

(i) *accounting principles; or

(ii) if accounting principles do not apply in relation to the entity - commercially accepted principles related to accounting;

is not controlled by any other member of the CBC reporting group at the end of the period; and

(c) the entity ' s *annual global income for the period is $1 billion or more.

815-375(2)
For the purposes of paragraph (1)(c), in working out the entity ' s *annual global income for the period, treat the reference in paragraph 960-565(1)(aa) to *notional listed company group as instead being a reference to *CBC reporting group.

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