the entity must obtain:

all of the exchange rates that it will use to work out the average exchange rate; or

an average exchange rate that has been worked out for the period referred to in that subsection;

the entity must use the average exchange rate so worked out in translating into Australian currency any amount referred to in that subsection that is relevant to that period.

a global parent entity with an annual global income of $1 billion or more; or

any member of such a global parent entity’s group.

whose *annual global income for the period is $1 billion or more; or

in relation to whom the Commissioner makes a determination under subsection (3) for the period.

the entity is a member of a group of entities that are consolidated for accounting purposes as a single group; and

one of the other members of the group is a *global parent entity:

whose *annual global income for the period is $1 billion or more; or

in relation to whom the Commissioner makes a determination under subsection (3) for the period.

*global financial statements have not been prepared for the entity for the period; and

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.

(a) there has been a taxation objection (Taxation Administration Act 1953) against an *assessment relating to the entity; andwithin the meaning of section 14ZL of the

(b) the assessment involved the application of Income Tax Assessment Act 1936 (schemes that limit a taxable presence in Australia) in relation to the entity;section 177DA of the

*accounting principles; or

if accounting principles do not apply in relation to the entity—commercially accepted principles relating to accounting;

if the entity is a member of a group of entities that are consolidated for accounting purposes as a single group—the total annual income of all the members of the group; or

otherwise—the total annual income of the entity;

have been prepared and audited in relation to that entity, or that entity and other entities, in accordance with:

*accounting principles and *auditing principles; or

if such principles do not apply—commercially accepted principles, relating to accounting and auditing, that ensure the statements give a true and fair view of the financial position and performance of that entity (or that entity and the other entities on a consolidated basis); and

are for the most recent period ending:

no later than the end of the relevant period; and

no earlier than 12 months before the start of the relevant period.

the entity has total income equal to or exceeding $100 million for the income year and, at the end of the income year:

the entity is not an Australian resident that is a private company for the income year; or

the entity is a member of a wholly-owned group that has a foreign resident ultimate holding company; or

the percentage of foreign shareholding in the entity is greater than 50%; or

the entity has total income equal to or exceeding $200 million for the income year and, at the end of the income year, the entity is an Australian resident that is a private company for the income year.

the entity is a significant global entity for the income year; and

at the end of the income year, the entity is:

an Australian resident; or

(ii) a foreign resident who operates an Australian permanent establishment (within the meaning of Income Tax Assessment Act 1936); andPart IVA of the

the entity does not lodge a general purpose financial statement for the financial year most closely corresponding to the income year:

with the Australian Securities and Investments Commission; and

(ii) within the time provided under subsection 319(3) of the Corporations Act 2001 for lodgement of a report for that financial year.

must be prepared in accordance with:

the accounting principles; or

if accounting principles do not apply in relation to the entity—commercially accepted principles relating to accounting; and

if the entity is a member of a group of entities that are consolidated for accounting purposes as a single group—must relate to:

the entity; or

the entity and some or all of the other members of the group.

a private ruling; or

(b) a determination under subsection 960-555(3) of the Income Tax Assessment Act 1997;

is in Australia, or is an Australian entity; and

if the foreign entity is a member of a global group—is not a member of that global group.

if:

(i) the entity is a resident in a country that has entered into an international tax agreement (Income Tax Assessment Act 1997) with Australia; andwithin the meaning of subsection 995-1(1) of the

that agreement contains a permanent establishment article (within the meaning of that subsection);

otherwise—a permanent establishment of the person in Australia.

a supply of an equity interest in an entity;

a supply of a debt interest in an entity;

a supply of an option for:

a supply of a kind referred to in paragraph (a) or (b); or

any combination of 2 or more such supplies.

if this Part applies to the scheme because of section 177DA; or

for the purposes of determining whether this Part applies to the scheme because of section 177DA.

under, or in connection with, the scheme:

a foreign entity makes a supply to an Australian customer of the foreign entity; and

activities are undertaken in Australia directly in connection with the supply; and

some or all of those activities are undertaken by an Australian entity who, or are undertaken at or through an Australian permanent establishment of an entity who, is an associate of or is commercially dependent on the foreign entity; and

the foreign entity derives ordinary income, or statutory income, from the supply; and

some or all of that income is not attributable to an Australian permanent establishment of the foreign entity; and

it would be concluded (having regard to the matters in subsection (2)) that the person, or one of the persons, who entered into or carried out the scheme or any part of the scheme did so for a principal purpose of, or for more than one principal purpose that includes a purpose of:

(i) enabling a taxpayer (a relevant taxpayer) to obtain a tax benefit, or both to obtain a tax benefit and to reduce one or more of the relevant taxpayer’s liabilities to tax under a foreign law, in connection with the scheme; or

enabling the relevant taxpayer and another taxpayer (or other taxpayers) each to obtain a tax benefit, or both to obtain a tax benefit and to reduce one or more of their liabilities to tax under a foreign law, in connection with the scheme;

the foreign entity is a significant global entity for a year of income in which the relevant taxpayer, or one or more other taxpayers, would (but for this Part):

obtain a tax benefit; or

reduce one or more of their liabilities to tax under a foreign law;

the matters in subsection 177D(2);

the extent to which the activities that contribute to bringing about the contract for the supply are performed, and are able to be performed, by:

the foreign entity; or

another entity referred to in subparagraph (1)(a)(iii); or

any other entities;

the result, in relation to the operation of any foreign law relating to taxation, that (but for this Part) would be achieved by the scheme.

(ia) for a scheme to which Income Tax Assessment Act 1936 applies because of section 177DA of that Act—an entity that (alone or with others) entered into or carried out the scheme, or part of it, did so for a principal purpose of, or for more than one principal purpose that includes a purpose of, that entity or another entity getting a scheme benefit from the scheme; orPart IVA of the

you are a *significant global entity during an income year that consists of, or includes all or part of, the accounting period to which your *scheme shortfall amount relates; and

it is not *reasonably arguable that the adjustment provision does not apply.

you were a *significant global entity during a period that includes the whole or a part of the income year that preceded that income year; and

you are, during that income year, any of the following:

an Australian resident;

(ii) a resident trust estate for the purposes of Income Tax Assessment Act 1936;Division 6 of Part III of the

a partnership that has at least one partner who is an Australian resident;

(iv) a foreign resident who operates an Australian permanent establishment (within the meaning of Income Tax Assessment Act 1936);Part IVA of the

(v) a non-resident trust estate (Income Tax Assessment Act 1936) that operates an Australian permanent establishment (within the meaning of Part IVA of that Act);within the meaning of section 102AAB of the

a partnership that operates an Australian permanent establishment (within the meaning of that Part); and

you are not exempted under section 815-365 from giving the statement; and

you are not included in a class of entities prescribed by the regulations.

a statement relating to the global operations and activities, and the pricing policies relevant to transfer pricing, of:

you; and

if you were a *significant global entity during the preceding income year by virtue of your membership of a group of entities—the other members of that group;

a statement relating to your operations, activities, dealings and transactions;

a statement relating to the allocation between countries of the income and activities of, and taxes paid by:

you; and

if subparagraph (a)(ii) applies—the other members of that group.

a statement under paragraph (a) corresponds to the master file (see Annexe I);

a statement under paragraph (b) corresponds to the local file (see Annexe II);

a statement under paragraph (c) corresponds to the country-by-country report (see Annexe III).

giving statements under section 815-355; or

giving statements of a particular kind under that section.