RSM Australia

SGE

The broadening of Significant Global Entity definition

26 May 2020
Broadening of Significant Global Entity definition and the potential impact for Australian entities with Private Equity ownership.

How does being a Significant Global Entity (SGE) affect my Australian tax obligations?

18 April 2019
The introduction of the concept of a significant global entity (SGE) was to increase the transparency of multinationals and was in line with the OECD’s Base Erosion and Profit Shifting (BEPS) initiatives.

ATO extends lodgement date for Country-by-Country Reporting

24 November 2017
The Australian Taxation Office (“ATO”) announced this week an extension of the due date for lodgement of the Country-by-Country report, master file and local file (collectively “CbCR”), from 31 December 2017 to 15 February 2018 for taxpayers with an income year ended on 31 December 2016.

New requirements for Significant Global Entities

18 October 2017
There are new requirements for Significant Global Entities to prepare General Purpose Financial Statements. Recent guidance from the ATO has clarified the effect of changes made last year to Section 3CA of the Tax Administration Act 1953.