Document ID: chunk:federal_register_of_legislation:C2015A00170:clause:1_3:p1
Version: federal_register_of_legislation:C2015A00170
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/2)
Character Range: 3442–6199

3  At the end of Division 960
Add:

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

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.
 (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 entity as a result of the determination.
 (4) An entity who is dissatisfied with a determination made in relation to the entity may object against the determination in the manner set out in Part IVC of the Taxation Administration Act 1953.
 (5) However, if:
 (a) there has been a taxation objection (within the meaning of section 14ZL of the Taxation Administration Act 1953) against an *assessment relating to the entity; and
 (b) the assessment involved the application of section 177DA of the Income Tax Assessment Act 1936 (schemes that limit a taxable presence in Australia) in relation to the entity;
the right of objection under subsection (4) of this section is unaffected, but the outcome of that objection has no effect on the assessment or on the outcome of the taxation