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 815-380 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.

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