The Australian Taxation Office has announced a proposed legislative change for the application of significant global entity penalties to subsidiary entities.
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Proposed application of SGE penalties to subsidiary entities
Significant global entities (SGE) are:
- a 'global parent entity' whose 'annual global income' is A$1 billion or more
- a member of a group of entities consolidated (for accounting purposes) where the global parent entity has an annual global income of A$1 billion or more.…