Treasury Laws Amendment (2020 Measures No. 1) Act 2020 (49 of 2020)

Schedule 1   Significant global entities

Taxation Administration Act 1953

21   Application

(1) The amendments made by this Schedule apply in relation to income years or other periods starting on or after 1 July 2019.

(2) To avoid doubt, the amendments made by this Schedule 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 by this Schedule), 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 by this Schedule, 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.