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Item 8 - Status of fund or trust

Item 8 comprises these labels:

Label J - Australian superannuation fund

If the fund does not meet the ATO definition of Australian superannuation fund at any time during the income year you must answer No to this question. The fund will lose its complying superannuation fund status and a tax rate of 45% will apply to the fund's assessable income for the income year.

Label K - Fund benefit structure

Select from those listed the code that best describes the benefit structure of the fund.

Label L - Number of Members

Show at label L the total number of members or depositors (for ADFs) as at the balance date. Members for this item are persons:

  • Who are making contributions.

  • On whose behalf contributions are being made.

  • Who are receiving pension entitlements.

  • Who hold any deferred beneficiary accounts.

Label M - Date of Establishment

Show the date on which the fund was established (use the format ddmmccyy).

Label N1 - Significant global entity

Select Yes or No.

The Significant Global Entity (SGE) indicator will continue to assist in determining certain tax law consequences (i.e. Multilateral Anti-Avoidance Law, Diverted Profits Tax and SGE penalties) applicable to an entity with SGE status.

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

The concept of SGE was introduced as part of the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 legislation which contains a package of measures announced as part of the 2015–16 Budget. These measures focus on combating multinational tax avoidance.

An entity is a 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 the 2016–17 income year and going forward, entities will be required to self-assess themselves under the definition of a 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.

Label N2 - Country by country reporting entity

This is a new label in 2021.

This label is necessary to administer Country by Country and General Purpose Financial Statements (GPFS) obligations.

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