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Item 2 - Status of the business, consolidated subsidiary member indicator and Significant global entity

Status of the business: Select the status code from the list available. If none of the selections apply, leave the selection blank. If more than one status is applicable, select the status with the lowest number.

‘Multiple business’ is specifically for businesses where there is income from more than one business activity.

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

Tax provides the Consolidation Eligibility (Subsidiary) worksheet (ces) to assist with completing label Z. This worksheet provides checks to determine the eligibility of the entity to be a subsidiary of a consolidated group. Refer to Consolidation eligibility (subsidiary) (ces). To open this worksheet, click Preparation > Schedule > Consolidation Eligibility (Subsidiary).

Label G1 - Significant global entity

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)

  • Diverted profit tax
  • SGE penalities.

Label G2 - Country by country reporting entity

Answer this question for Country by Country (CbC) reporting entity indicator. It's used to administer CbC and General Purpose Financial Statements (GPFS) obligations.

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