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Item 2 - Status of Business

See item 2: Status of business on the ATO website.

Status of the business 

Select the status code from the list available. If none applies, select zero (0) to leave the status label blank. If more than one status applies, select the one with the lowest number.

Multiple business means that the partnership earns income from more than one business activity.

Consolidation status:

If the partnership was a subsidiary member of a consolidated group, at any time during the income year, select code 2 from the list.

MYOB Tax provides the consolidation eligibility (subsidiary) worksheet (ces) to help complete label Z. It determines the eligibility of the entity to be a subsidiary of a consolidated group. See Consolidation eligibility (subsidiary) (ces).

To open the worksheet, click PreparationSchedule > Consolidation eligibility (subsidiary).

If you've selected code 2, the tax return is for the period(s) when the partnership was not a subsidiary member of a consolidated group or MEC group in the income year.

CCH references

8-000 Overview of the group consolidation regime

Label G1—Significant global entity (SGE)

The significant global entity (SGE) concept gives clarity to taxpayers about whether they are within the scope of the measures to which the definition applies.

An SGE is defined in Subdivision 960-U of the Income Tax Assessment Act 1997 (ITAA 1997).

An entity is an SGE if it is:

  • a global parent entity with an annual global income of A$1 billion or more, or

  • a member of a group of entities consolidated for accounting purposes and one of the other group members is a global parent entity with an annual global income of A$1 billion or more.

To assist in identifying SGEs, from 2016–17 and later income years, entities will be required to self-assess under the definition of an SGE and notify the tax office on their annual income tax return at Status of fund or trust, item 8, label N.

The SGE concept is part of the following measures:

  • The multinational anti-avoidance law (MAAL)

  • General purpose financial statement (GPFS)

  • Country-by-country (CbC) reporting

  • Increased administrative penalties for SGEs.

CCH references

22-630 Transfer pricing records, penalties and thresholds

22-640 International cooperation on transfer pricing

30-000 Countering tax avoidance

30-200 Multinational tax avoidance

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