COMTAX AB
  • Home
  • Products
  • NEWS
  • Partners
  • Contact
  • Join us
  • FAQs
  • Login

International Tax News & Updates

Australia seeking to expand definition of "significant global entity"

2/14/2020

 
Picture
On February 12, 2020, a bill to expand the definition of a significant global entity (SGE) was submitted before the Australian House of Representatives.
 
The Treasury Laws Amendment (2020 Measures No.1) Bill, 2020 extends the definition of a SGE to include members of large business groups headed by proprietary companies, trusts, partnerships, investment entities, and individuals.
 
Schedule 1 to the Bill broadens the definition of SGE in the tax law so that it:

  • applies to groups of entities headed by an entity other than a listed company in the same way as it applies to groups headed by a listed company; and
  • applies despite exceptions to when a group of entities must prepare consolidated accounts, including materiality rules, in the applicable accounting rules.
 
The amendments made by Schedule 1, if approved, would apply in relation to income years or periods commencing on or after July 1, 2019.
 
The move was first announced in the country's 2018-19 Budget to ensure that the multinational tax avoidance rules apply to all relevant entities. SGE is a concept to define a group of entities, interrelated by a control relationship that could enable non-arm’s length dealings and therefore be of special interest to tax authorities.
 
See Treasury Laws Amendment (2020 Measures No.1) Bill 2020

Comments are closed.
    Subscribe now!

    Archives

    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    February 2014

COMTAX AB

C/o Ekonomiforetaget Baehring Dahl AB
Berga Alle 3
25452 Helsingborg
Sweden

CONTACT

Tel.: +46 46 590 07 70
E-mail: support(@)comtaxit.com

INFORMATION

Privacy Statement
Partner Program
Picture
© COPYRIGHT 1985 - 2024 COMTAX AB.  ALL RIGHTS RESERVED.
  • Home
  • Products
  • NEWS
  • Partners
  • Contact
  • Join us
  • FAQs
  • Login