Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 3/22)
Character Range: 7734422–7737176

Petroleum and Greenhouse Gas Storage Act 2006.
Note 1: The offshore area includes all things located in that area, including all installations and structures such as oil and gas rigs. The area also extends to the airspace over, and the sea‑bed and subsoil beneath, that area.
Note 2: The offshore area includes the exclusive economic zone and the continental shelf of Australia.

Subdivision 960‑U—Significant global entities

Guide to Subdivision 960‑U

960‑550  What this Subdivision is about

      Generally speaking, a significant global entity is:
             (a) a global parent entity with an annual global income of $1 billion or more; or
             (b) any member of such a global parent entity's group.

Table of sections

Operative provisions
960‑555 Meaning of significant global entity
960‑560 Meaning of global parent entity
960‑565 Meaning of annual global income
960‑570 Meaning of global financial statements
960‑575 Meaning of notional listed company group

Operative provisions

960‑555  Meaning of significant global entity
 (1) An entity is a significant global entity for a period if the entity is a *global parent entity:
 (a) whose *annual global income for the period is $1 billion or more; or
 (b) in relation to whom the Commissioner makes a determination under subsection (3) for the period.
 (2) An entity is also a significant global entity for a period if:
 (a) the entity is a member of a group of entities that are consolidated for accounting purposes as a single group; and
 (b) one of the other members of the group is a *global parent entity:
 (i) whose *annual global income for the period is $1 billion or more; or
 (ii) in relation to whom the Commissioner makes a determination under subsection (3) for the period.
 (2A) An entity is also a significant global entity for a period if:
 (a) the entity is a *member of a *notional listed company group; and
 (b) one of the other members of the group is a *global parent entity:
 (i) whose *annual global income for the period is $1 billion or more; or
 (ii) in relation to whom the Commissioner makes a determination under subsection (3) for the period.
 (3) The Commissioner may make a determination under this subsection in relation to a *global parent entity for a period if:
 (a) *global financial statements have not been prepared for the entity for the period; and
 (b) on the basis of the information available to the Commissioner, the Commissioner reasonably believes that, if such statements had been prepared for the period, the entity's *annual global income for the period would have been $1 billion or more.
The Commissioner must give a notice of the determination to the global parent entity, or to another entity that becomes a *significant global