Is your company a potential Significant Global Entity (“SGE”), that is, a company who is part of a global consolidated group with revenue of greater than AUD 1 billion?

What should you do?

It is important that you receive the information that you require to make informed decisions.

Given the Australian Government will continue to focus on SGEs, Grant Thornton Australia Limited has employed a centralised approach to our communications with SGEs. However, any questions and inquiries can be directed to your local Grant Thornton relationship partner.  

Why is it important?

As an SGE, recently introduced legislation in Australia will have a considerable impact upon your business operations and reporting requirements in Australia. Grant Thornton has had extensive experience advising clients on these developments, including ATO inquiries and advising on the practicalities for meeting these new reporting requirements. The specific measures that the Australian Government have introduced are as follows:

  • Country-by-Country Reporting
  • General Purpose Financial Statement lodgement requirements
  • Multinational Anti-Avoidance Legislation, and
  • Diverted Profits Tax

In addition, the ATO has introduced significant changes to the late lodgment penalty regime for SGEs.

Financial reporting requirements

The ATO has recently finalised its guidance on how ‘Significant Global Entities’ will need to prepare and lodge general purpose financial statements under tax legislation. Click here to find our Technical Accounting Alert regarding the financial reporting requirements.