Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 815 - Cross-border transfer pricing  

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

Operative provisions

SECTION 815-380   Meaning of country by country reporting group (or CBC reporting group )  

815-380(1)    
A group of entities is a country by country reporting group (or CBC reporting group ) if:

(a) none of the entities is an individual; and

(b) any of the following requirements are satisfied:

(i) the group is consolidated for accounting purposes as a single group;

(ii) the group is a *notional listed company group.

815-380(2)    
Each entity in the group is a member of the *CBC reporting group.

815-380(3)    
Subsection (5) applies if:

(a) all the members of a group that is consolidated for accounting purposes as a single group (the smaller group ) are members of:

(i) another such group; or

(ii) a *notional listed company group; and

(b) at least one entity is a member of the group mentioned in subparagraph (a)(i) or (ii) but is not a member of the smaller group.

815-380(4)    
Subsection (5) also applies if:

(a) all the *members of a notional listed company group (the smaller group ) are members of:

(i) another such group; or

(ii) a group that is consolidated for accounting purposes as a single group; and

(b) at least one entity is a member of the group mentioned in subparagraph (a)(i) or (ii) but is not a member of the smaller group.

815-380(5)    
For the purposes of subsection (1), treat the smaller group as not being any of the following:

(a) a group that is consolidated for accounting purposes as a single group;

(b) a *notional listed company group.

815-380(6)    
For the purposes of this section, assume that paragraph 960-575(4)(a) were disregarded:

(a) in determining whether a *notional listed company group exists; and

(b) in identifying the *members of a notional listed company group.

Note:

The effect of that assumption is that certain exceptions in accounting or other principles to requirements to consolidate for accounting purposes are taken into account in working out the membership of the country by country reporting group. Where such exceptions apply, a country by country reporting group may have fewer members than the equivalent notional listed company group.