Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An entity is a significant global entity for a period if the entity is a * global parent entity:
(a) whose * annual global income for the period is $1 billion or more; or
(b) in relation to whom the Commissioner makes a determination under subsection (3) for the period.
(2) An entity is also a significant global entity for a period if:
(a) the entity is a member of a group of entities that are consolidated for accounting purposes as a single group; and
(b) one of the other members of the group is a * global parent entity:
(i) whose * annual global income for the period is $1 billion or more; or
(ii) in relation to whom the Commissioner makes a determination under subsection (3) for the period.
(2A) An entity is also a significant global entity for a period if:
(a) the entity is a * member of a * notional listed company group; and
(b) one of the other members of the group is a * global parent entity:
(i) whose * annual global income for the period is $1 billion or more; or
(ii) in relation to whom the Commissioner makes a determination under subsection (3) for the period.
(3) The Commissioner may make a determination under this subsection in relation to a * global parent entity for a period if:
(a) * global financial statements have not been prepared for the entity for the period; and
(b) on the basis of the information available to the Commissioner, the Commissioner reasonably believes that, if such statements had been prepared for the period, the entity's * annual global income for the period would have been $1 billion or more.
The Commissioner must give a notice of the determination to the global parent entity, or to another entity that becomes a * significant global entity as a result of the determination.
(4) An entity who is dissatisfied with a determination made in relation to the entity may object against the determination in the manner set out in Part IVC of the Taxation Administration Act 1953 .
(5) However, if:
(a) there has been a taxation objection (within the meaning of section 14ZL of the Taxation Administration Act 1953 ) against an * assessment relating to the entity; and
(b) the assessment involved the application of section 177DA of the Income Tax Assessment Act 1936 (schemes that limit a taxable presence in Australia) in relation to the entity;
the right of objection under subsection (4) of this section is unaffected, but the outcome of that objection has no effect on the assessment or on the outcome of the taxation objection.
Note: Section 14ZVA of the Taxation Administration Act 1953 excludes from a taxation objection to an assessment any grounds (or potential grounds) for an objection to a determination under subsection (3) of this section.
(6) A determination under subsection (3) is not a legislative instrument.
(7) Section 175 of the Income Tax Assessment Act 1936 (validity) applies to a determination under subsection (3) of this section in the same way as it applies to an * assessment.