Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 10/25)
Character Range: 7337154–7340116

liabilities (including *debt capital) and *equity capital that are attributable to the Australian permanent establishments for that income year were assets, liabilities and equity of the notional entity for that year; and
 (iii) for the purposes of the statement of financial performance or the corresponding statement, as appropriate—the revenues and expenses that are attributable to the Australian permanent establishments for that year were the revenues and expenses of the notional entity for that year; and
 (iv) the *accounting standards, or the overseas or international accounting standards, as appropriate, referred to income years instead of financial years or the corresponding term in the overseas or international accounting standards.

Excluding Australian permanent establishments not covered by applicable double tax treaty
 (6) An entity need not comply with this section for an income year in relation to an *Australian permanent establishment if:
 (a) throughout that year, the entity was, for the purposes of a double tax agreement (within the meaning of Part X of the Income Tax Assessment Act 1936) in relation to a foreign country, a resident of that foreign country (even if the entity was also an Australian resident or a resident of another foreign country); and
 (b) throughout the period during that year when the entity was carrying on its *business at or through that Australian permanent establishment, the Australian permanent establishment was not a permanent establishment within the meaning of that double tax agreement.

820‑962  Records about Australian permanent establishments—exemptions from Australian accounting standards

General exemption
 (1) The Commissioner may, by legislative instrument, exempt, for the purposes of subsection 820‑960(1A), a specified class of entities from the requirement to comply with all or part of the *accounting standards for one or more income years if the Commissioner is satisfied that it would be unreasonable for the entities in that class be required to so comply.
Note: The Commissioner's power under this subsection does not extend to the overseas or international accounting standards.

Application for specific exemption
 (2) An entity (the applicant) may apply to the Commissioner, in the *approved form, for an exemption from the requirement to comply with all or part of the *accounting standards for one or more income years for the purposes of subsection 820‑960(1A).
 (3) The Commissioner may grant the exemption in whole or in part if the Commissioner is satisfied that it would be unreasonable for the applicant to be required to so comply.
Note: The Commissioner's power under this subsection does not extend to the overseas or international accounting standards.
 (4) The Commissioner must give the applicant written notice if the Commissioner:
 (a) grants the exemption; or
 (b) refuses to grant the exemption.
 (5) The Commissioner is taken to have refused to grant