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 815-355 Requirement to give statements

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815-355(1)
You must give to the Commissioner a statement of each of the kinds referred to in subsection (3) , in the *approved form, in relation to an income year if:

(a) you were a *CBC reporting entity for a period that includes the whole or a part of the income year that preceded that income year; and

(b) you are, during that income year, any of the following:

(i) an Australian resident;

(ii) a resident trust estate for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 ;

(iii) a partnership that has at least one partner who is an Australian resident;

(iv) a foreign resident who operates an Australian permanent establishment (within the meaning of Part IVA of the Income Tax Assessment Act 1936 );

(v) a non-resident trust estate (within the meaning of section 102AAB of the Income Tax Assessment Act 1936 ) that operates an Australian permanent establishment (within the meaning of Part IVA of that Act);

(vi) a partnership that operates an Australian permanent establishment (within the meaning of that Part); and

(c) you are not exempted under section 815-365 from giving the statement; and

(d) you are not included in a class of entities prescribed by the regulations.

Note:

Under section 815-360 , the Commissioner may allow you to give statements in relation to a 12 month period other than an income year.

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815-355(2)
You must give the statement within 12 months after the end of the period to which it relates.

Note:

Section 388-55 in Schedule 1 to the Taxation Administration Act 1953 allows the Commissioner to defer the time for giving the statement.

815-355(3)
The statements are to be of the following kinds:

(a)

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a statement relating to the global operations and activities, and the pricing policies relevant to transfer pricing, of:

(i) you; and

(ii) if you are a *member of a *CBC reporting group during the income year - the other members of that group;

(b) a statement relating to your operations, activities, dealings and transactions;

(c) a statement relating to the allocation between countries of the income and activities of, and taxes paid by:

(i) you; and

(ii) if subparagraph (a)(ii) applies - the other members of that group.

Note:

These statements correspond to the following in Annexes I, II and III to Chapter V set out in the Guidance on Transfer Pricing Documentation and Country-by-country Reporting of the Organisation for Economic Cooperation and Development and the G20:

(a) a statement under paragraph (a) corresponds to the master file (see Annexe I);

(b) a statement under paragraph (b) corresponds to the local file (see Annexe II);

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