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Item 5 - Significant global entity

An entity is a SGE if it is:

  • a global parent entity with an annual global income of A$1 billion or more, or

  • a member of a group of entities consolidated for accounting purposes and one of the other group members is a global parent entity with an annual global income of A$1 billion or more.

Corporate tax entities that are significant global entities (SGE) are required to give the Commissioner a general purpose financial statement (GPFS) if they do not lodge one with the Australian Securities and Investments Commission (ASIC). The financial statement must be for the financial year that most closely corresponds to the income year, and it must be given to the Commissioner by the time the entity is required to lodge its income tax return.

GPFSs cannot be lodged with the income tax return and must be lodged through ATO Online Services.

If you answered Yes at G1, you must complete this item.

Label A - Have you lodged a general purpose financial statement with ASIC in relation to this income year (before the due date for lodgement of the statement with ASIC)?

Answer Yes if you have lodged a GPFS with ASIC before lodging your income tax return.

If Yes, you do not need to answer item 5b.

Answer No if you had not lodged a GPFS with ASIC before lodging your income tax return.

If No, you will need to answer 5b.

Label B - Will you be lodging a general purpose financial statement with ASIC in relation to this income year (before the due date for lodgement of the statement with ASIC)?

Answer Yes if you intend to lodge a GPFS with ASIC on or before the due date for lodgment of your income tax return.

Answer No if you do not intend to lodge a GPFS with ASIC on or before the due date for lodgment of your income tax return. You are required to lodged a GPFS with the ATO on or before the due date for lodgment of your income tax return.

CCH References

22-630-Transfer pricing records, penalties and thresholds

22-640-International cooperation on transfer pricing

30-200-Multinational tax avoidance

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