Demystifying the SGE and CbCRE definitions and obligations in Australia

Demystifying the SGE and CbCRE definitions and obligations in Australia

If you are struggling with the complexities of Significant Global Entity (SGE) and Country by Country Reporting Entity qualification (CbCRE) in Australia, you are not alone. It can be challenging to understand whether your business is classified as an SGE, particularly as the definition has evolved in Australia. You may not even be aware you fall under this classification. However, being an SGE triggers additional mandatory annual compliance obligations for tax purposes and carries large penalties for non-compliance. Questions that help to define your status:

1. Have you recently been acquired by an overseas group and are you aware of your current global turnover in AUD?
2. Can you be an SGE if you are not part of a consolidated accounting group?
3. Is it possible for me to be an SGE where Australia is not material to the Global Group?
4. Can you be classified as an SGE in Australia if you are not considered one in your parent country?
5. If you weren’t an SGE last year, does that mean you won’t be one this year?

If these questions are making you think twice, watch back our webinar featuring Chris Dunne (Corporate Tax Partner), Christine Cornish (Transfer Pricing Partner), and Arani Ganendren (Transfer Pricing Senior Manager) as they delve into the SGE and CbCRE concepts, clarify common misconceptions, and share real-world examples of companies grappling with the same question - are we an SGE?

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