Treasury has released exposure draft legislation to extend the definition of a Significant Global Entity (SGE) beyond groups headed by listed companies and by private companies required to prepare general purpose financial statements. 

SGE is a concept to define, generally speaking, a group of entities, interrelated by a control relationship that could enable non-arm’s length dealings and therefore be of special interest to tax authorities. 

By extending the definition to include members of large business groups headed by private companies, trusts, partnerships, investment entities and individuals, the draft legislation will ensure the multinational tax avoidance rules apply to all relevant entities, and that Australia can meet its OECD Country-by-Country reporting commitments. 

Click here to view explanatory documents on the Treasury website. 

To find out more, please contact your accountant at Rosenfeld Kant on (02) 9375 1200 or email gary@roskant.com.au, raul@roskant.com.au or elias@roskant.com.au