Expanded definition of Significant Global Entity – 4 March 2020 has been saved
Expanded definition of Significant Global Entity – 4 March 2020
On 12 February 2020, the Government introduced the Treasury Laws Amendment (2020 Measures No. 1) Bill 2020 (the SGE Amendment Bill) into Parliament which will extend the definition of a Significant Global Entity (SGE) and introduce a new concept of a Country-by-Country reporting entity (CbCRE).
The changes were originally announced as part of the 2018-19 Federal Budget. The proposed changes were first introduced in 2018 within Treasury Laws Amendment (Making Sure Multinationals Pay their Fair Share of Tax and Other Measures) Bill 2018 which lapsed at the May 2019 election. The proposed changes were then released as an Exposure Draft in November 2019.