Document ID: chunk:federal_register_of_legislation:C2010C00578:clause:2_2:p1
Version: federal_register_of_legislation:C2010C00578
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 1/3)
Character Range: 40163–43123

2  Section 820‑960
Repeal the section, substitute:

820‑960  Records about Australian permanent establishments

 (1) If an entity:
 (a) is an *inward investor (general), *inward investor (financial) or *inward investing entity (ADI), for all or a part of an income year; and
 (b) carries on its *business at or through one or more of its *Australian permanent establishments throughout that year; and
 (c) has total revenues attributable to those Australian permanent establishments for that year that are at least $2,000,000;
the entity must keep for that year the records for which subsection (1A) or (1B) provides.

Note: A person must comply with the requirements in section 262A of the Income Tax Assessment Act 1936 about the keeping of these records (see subsections (2AA) and (3) of that section).

Australian accounting standards

 (1A) If the entity chooses this subsection, it must keep the following records for the *Australian permanent establishments:
 (a) a statement of financial position (within the meaning of the *accounting standards);
 (b) a statement of financial performance (within the meaning of those standards).
The statements must:
 (c) be prepared in accordance with the *accounting standards (in particular, but not limited to, accounting standards AASB 1001, AASB 1018 and AASB 1040); and
 (d) include all the notes required to accompany them under the standards.

Overseas and international accounting standards

 (1B) If the entity chooses this subsection, it must keep for the *Australian permanent establishments the statements (however described) that, under standards covered by subsection (1C) or (1D) (the overseas or international accounting standards), correspond to the statements referred to in subsection (1A). The statements must:
 (a) be prepared in accordance with those standards; and
 (b) include all the notes required to accompany them under those standards.

 (1C) This subsection covers the standards (however described) that correspond to the *accounting standards and are made by the responsible body in:
 (a) the United Kingdom of Great Britain and Northern Ireland; or
 (b) the United States of America; or
 (c) Canada; or
 (d) New Zealand; or
 (e) Japan; or
 (f) the French Republic; or
 (g) the Federal Republic of Germany.

 (1D) This subsection covers the international accounting standards made or adopted by the International Accounting Standards Board.

Requirements for the records under subsection (1A) or (1B)

 (2) The entity must prepare the records for which subsection (1A) or (1B) provides:
 (a) before the time by which the entity must lodge its tax return for the income year; and
 (b) as if:
 (i) the *Australian permanent establishments were an entity (the notional entity) for which those records would be required to be prepared under the *accounting standards or the overseas or international accounting standards, as appropriate; and
 (ii) for the purposes of the statement of