The amendments generally apply from July 1, 2019.
On May 25, 2020, the Treasury Laws Amendment (2020 Measures No. 1) Act 2020 received Royal Assent. The Act broadens the definition of significant global entity (SGE) in the Australian tax law.
The amended definition of SGE applies to groups of entities headed by an entity other than a listed company in the same way as it applies to groups headed by a listed company, and applies despite exceptions to when a group of entities must prepare consolidated accounts, including materiality rules, in the applicable accounting rules.
The amendments also modifies the rules that identify which entities must undertake country-by-country reporting under the tax law. This is to ensure these rules are aligned with Australia’s international commitments.
The amendments generally apply from July 1, 2019.