Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 5/22)
Character Range: 7739391–7742191

group; or
 (b) otherwise—the total annual income of the entity;
as shown in the latest *global financial statements for the entity for the period.
 (2) Subsection (3) applies if:
 (a) *global financial statements have not been prepared for the entity for the period; or
 (b) global financial statements have not been prepared for the entity for the period that show the total annual income mentioned in subsection (1).
 (3) Despite subsection (1), the annual global income of the *entity for the period is the amount that would be, on the assumption that such statements had been prepared, the total annual income mentioned in subsection (1) shown in those statements.

960‑570  Meaning of global financial statements
  Global financial statements for an entity for a period (the relevant period) are the financial statements that:
 (a) have been prepared and audited in relation to that entity, or that entity and other entities, in accordance with:
 (i) *accounting principles and *auditing principles; or
 (ii) if such principles do not apply—commercially accepted principles, relating to accounting and auditing, that ensure the statements give a true and fair view of the financial position and performance of that entity (or that entity and the other entities on a consolidated basis); and
 (b) are for the most recent period ending:
 (i) no later than the end of the relevant period; and
 (ii) no earlier than 12 months before the start of the relevant period.

960‑575  Meaning of notional listed company group
 (1) A notional listed company group is a group of entities that would be required to be consolidated for accounting purposes as a single group, on the assumption that an entity (the test entity) were a listed company (within the meaning of section 26BC of the Income Tax Assessment Act 1936).
 (2) Each entity in that group is a member of the *notional listed company group.
 (3) For the purposes of subsection (1), determine whether a group of entities would be required to be consolidated for accounting purposes as a single group according to:
 (a) *accounting principles; or
 (b) if accounting principles do not apply in relation to the test entity—commercially accepted principles related to accounting.
 (4) In applying the *accounting principles or commercially accepted principles referred to in subsection (3):
 (a) disregard any exceptions in those principles to requirements in those principles for entities to be consolidated as a single group; and
 (b) without limiting paragraph (a), disregard any rule in those principles providing that one or more entities (the excepted entities) are not required to be consolidated as a single group with one or more other entities because the effect of such consolidation would be immaterial as a result of:
 (i) the size of the