Income Tax Point-in-Time Service Updates

Thursday 4 June 2020 @ 9.16 a.m.

The Income Tax Point-in-Time Service has been updated to include the Treasury Laws Amendment (2020 Measures No. 1) Act 2020 (Cth) (Act 49 of 2020).

Act 49 of 2020

Schedule 1 to the Act broadens the definition of significant global entity in the tax law so that it applies to groups of entities headed by an entity other than a listed company in the same way as it applies to groups headed by a listed company; and applies despite exceptions to when a group of entities must prepare consolidated accounts, including materiality rules, in the applicable accounting rules. The amendments also modify the rules that identify which entities must undertake country by country reporting under the tax law to ensure these rules are aligned with Australia’s international commitments.

Schedule 2 to the Act removes impediments to mergers between complying superannuation funds by permitting the roll-over of both revenue gains or losses and capital gains or losses.

These amendments have been updated in the Point-in-Time Income Tax Service current to 3 June 2020. (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.