More entity types are now required to submit Country-by-Country
files and General Purpose Financial Statements, explains Partho
Guha.
In Australia, Significant Global Entities (SGE) are required to
submit Country-by-Country (CbC) files, which include the
country-specific Local File, group Master File and CbC report, for
income years starting on or after 1 January 2016. Corporate tax
entities that are SGEs must also lodge General Purpose Financial
Statements (GPFS) with the Australian Tax Office (if not lodged
with ASIC) in relation to income years commencing on or after 1
July 2016.
SGEs are broadly defined as entities that are part of groups
which must prepare consolidated accounts under relevant accounting
standards, and the group revenue as disclosed in the consolidated
accounts exceeds AUD $1 billion. SGEs defined in this way generally
only include companies in groups headed by a parent listed on a
stock exchange, since such groups would be required to
