The measure took effect from tax years beginning 1 January 2016. It requires Significant Global Entities (those part of a global group with revenue of more than AUD$1B) to lodge some or all of the following three statements (CbC statements):
These statements contain details regarding the international related party dealings, revenues, profits and taxes paid by jurisdiction and are due for lodgement 12 months after the end of the relevant reporting period.
The complexity of the statements required to be lodged van differ substantially depending on the nature and volume of dealings with international related parties, and the nations where these parties are based.
JZ Consulting Pty Ltd has over 10 years’ experience in accounting, we specialises in business advisory, taxation and assets protection. We focus on our client’s financial success. With a team of qualified accountants which have experience in all areas of accounting and taxation. JZ Consulting work closely with the client to achieve their goals.