21 Nov 2019 Extending the definition of a Significant Global Entity (SGE)
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.
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.
Interested members can submit responses up until 11 December 2019. More information can be found here.