12 January 2018
The Australian Taxation Office (ATO) has made important changes to tax reporting for Significant Global Entities (SGEs).
An entity is an SGE for an income year if it is:
- a global parent entity with annual global income of A$1 billion or more; or
- a member of a group of entities consolidated (for accounting purposes), where the global parent entity has an annual global income of A$1 billion or more.
The ATO has continued its push for transparency on how Significant Global Entities (SGE) organise their operations and tax affairs.
Country-by-Country (CbC) reporting is part of a wide range of international measures aimed at combating tax avoidance through more comprehensive exchanges of information between countries - the Australian Taxation Office (ATO) is one of approximately 57 tax authorities that will exchange the CbC reports.
Read more about CbC Reporting and how it affects you in this link to our recent client brief.
If you have any questions, please get in touch.