Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 815.380

  (1)   A group of entities is a country by country reporting group (or CBC reporting group ) if:

  (a)   none of the entities is an individual; and

  (b)   any of the following requirements are satisfied:

  (i)   the group is consolidated for accounting purposes as a single group;

  (ii)   the group is a * notional listed company group.

  (2)   Each entity in the group is a member of the * CBC reporting group.

  (3)   Subsection   (5) applies if:

  (a)   all the members of a group that is consolidated for accounting purposes as a single group (the smaller group ) are members of:

  (i)   another such group; or

  (ii)   a * notional listed company group; and

  (b)   at least one entity is a member of the group mentioned in subparagraph   (a)(i) or (ii) but is not a member of the smaller group.

  (4)   Subsection   (5) also applies if:

  (a)   all the * members of a notional listed company group (the smaller group ) are members of:

  (i)   another such group; or

  (ii)   a group that is consolidated for accounting purposes as a single group; and

  (b)   at least one entity is a member of the group mentioned in subparagraph   (a)(i) or (ii) but is not a member of the smaller group.

  (5)   For the purposes of subsection   (1), treat the smaller group as not being any of the following:

  (a)   a group that is consolidated for accounting purposes as a single group;

  (b)   a * notional listed company group.

  (6)   For the purposes of this section, assume that paragraph   960 - 575(4)(a) were disregarded:

  (a)   in determining whether a * notional listed company group exists; and

  (b)   in identifying the * members of a notional listed company group.

Note:   The effect of that assumption is that certain exceptions in accounting or other principles to requirements to consolidate for accounting purposes are taken into account in working out the membership of the country by country reporting group. Where such exceptions apply, a country by country reporting group may have fewer members than the equivalent notional listed company group.

Table of Subdivisions

  Guide to Division   820

820 - A   Preliminary

820 - AA   Thin capitalisation rules for general class investors

820 - B   Thin capitalisation rules for outward investing financial entities (non - ADI)

820 - C   Thin capitalisation rules for inward investing financial entities (non - ADI)

820 - D   Thin capitalisation rules for outward investing entities (ADI)

820 - E   Thin capitalisation rules for inward investing entities (ADI)

820 - EAA   Debt deduction limitation rules for debt deduction creation (all relevant entities)

820 - EAB   Third party debt concepts

820 - EA   Some financial entities may choose to be treated as ADIs

820 - FA   How the thin capitalisation rules apply to consolidated groups and MEC groups

820 - FB   Grouping branches of foreign banks and foreign financial entities with a consolidated group, MEC group or single Australian resident company

820 - G   Calculating the average values

820 - H   Control of entities

820 - HA   Controlled foreign entity debt and controlled foreign entity equity

820 - I   Associate entities

820 - J   Equity interests in trusts and partnerships

820 - JA   Worldwide debt and equity concepts

820 - K   Zero - capital amounts

820 - KA   Cost - free debt capital and excluded equity interests

820 - L   Record keeping requirements