Question 1a
Country-by-Country (CbC) reporting
Country-by-Country (CbC) reporting introduced under Subdivision 815-E of the ITAA 1997 requires Australian entities that were a significant global entity in the previous income year to provide three statements to the Commissioner:
- a CbC report
- a master file
- a local file.
A significant global entity is:
- a global parent entity whose annual global income is A$1 billion or more, or
- a member of a group of entities that are consolidated for accounting purposes and one of the other members of the group is a global parent entity whose annual global income is A$1 billion or more.
An SGE can be an entity in a group that only has operations in Australia, including those that are privately owned.
CbC reporting applies to income years starting on or after 1 January 2016.
For more guidance on CbC reporting and significant global entities, refer to Country-by-Country reporting.
If Country-by-Country reporting applies to you, answer Yes and go to question 1b.
Question 1b
If Country-by-Country reporting applies to you, and you have lodged Part A of your local file at the same time as your income tax return, answer Yes and go to question 18.
For more information about the local file, see Country-by-Country reporting.
Question 2a
If during the income year, the aggregate amount of your international related party dealings, including the value of any property or services transferred or the balance of any loans, exceeded $2 million, answer Yes and go to question 2b.
This aggregate amount is based on your accounting records.
Question 2b
If you are a small business entity, are not a significant global entity, and your international related party dealings do not exceed 50% of your current year aggregated turnover, answer Yes and go to question 18.
If during the income year, the aggregate amount of your international related party dealings, including the value of any property or services transferred or the balance of any loans, exceeded $5 million, answer No and go to question 3.
To work out whether you are a small business entity and for more information about calculating your aggregated turnover, see Small business entity.
For information about significant global entities, see Significant global entities.