Treasury has released exposure draft legislation toextend the definition of a Significant Global Entity(SGE) beyond groups headed by listed companiesand by private companies required to preparegeneral purpose financial statements.
SGE is a concept to define, generally speaking,a group of entities, interrelated by a controlrelationship that could enable non-arm’s lengthdealings and therefore be of special interest to taxauthorities.
By extending the definition to include membersof large business groups headed by privatecompanies, trusts, partnerships, investmententities and individuals, the draft legislation willensure the multinational tax avoidance rulesapply to all relevant entities, and that Australiacan meet its OECD Country-by-Country reportingcommitments.
Click here to view explanatory documents on the Treasury website.