Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 815.375

  (1)   An entity is a country by country reporting parent (or CBC reporting parent ) for a period if:

  (a)   the entity is not an individual; and

  (b)   if the entity is a * member of a * CBC reporting group at the end of the period--it is an entity that, according to:

  (i)   * accounting principles; or

  (ii)   if accounting principles do not apply in relation to the entity--commercially accepted principles related to accounting;

    is not controlled by any other member of the CBC reporting group at the end of the period; and

  (c)   the entity's * annual global income for the period is $1 billion or more.

  (2)   For the purposes of paragraph   (1)(c), in working out the entity's * annual global income for the period, treat the reference in paragraph   960 - 565(1)(aa) to * notional listed company group as instead being a reference to * CBC reporting group.