3CAReporting of information by corporate country by country reporting entities

#### 3CA Reporting of information by corporate country by country reporting entities (1) This section applies to a corporate tax entity for an income year if: (a) the entity is a country by country reporting entity for the income year; and (b) at the end of the income year, the entity is: (i) an Australian resident; or (ii) a foreign resident who operates an Australian permanent establishment (within the meaning of Part IVA of the Income Tax Assessment Act 1936); and (c) the entity does not lodge a general purpose financial statement for the financial year most closely corresponding to the income year: (i) 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. (1A) However, this section does not apply to a corporate tax entity for an income year if: (a) the entity is a government related entity (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999); and (b) the Commissioner has given notice to the entity for the income year under subsection (1B). (1B) For the purposes of paragraph (1A)(b), the Commissioner may give notice in writing to a government related entity (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999) for one or more specified income years if the Commissioner considers that it is appropriate to do so. (2) A corporate tax entity to which this section applies for an income year must, on or before the day by which the entity is required to lodge its income tax return for the income year with the Commissioner, give to the Commissioner in the approved form a general purpose financial statement for the financial year most closely corresponding to the income year. > Note: Section 286‑75 in Schedule 1 provides an administrative penalty for breach of this subsection. (3) The Commissioner must give a copy of the statement to the Australian Securities and Investments Commission. (4) The giving of the copy to the Australian Securities and Investments Commission under subsection (3) is taken, for the purposes of the Corporations Act 2001, to be lodgement of the document with the Australian Securities and Investments Commission. > Note: Under section 1274 of the Corporations Act 2001, a person may inspect, and require to be given a copy or extract of, any document lodged with the Australian Securities and Investments Commission. (5) For the purposes of this section, a general purpose financial statement in relation to an entity: (a) must be prepared in accordance with: (i) the accounting principles; or (ii) if accounting principles do not apply in relation to the entity—commercially accepted principles relating to accounting; and (b) if the entity is a member of a group of entities that are consolidated for accounting purposes as a single group—must relate to: (i) the entity; or (ii) the entity and some or all of the other members of the group. (6) An expression used in this section that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.