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Tuesday, 10 November 2015
Page: 8183


Senator WHISH-WILSON (Tasmania) (18:54): Having listened to the evidence, with the view that we may not have support for our amendment—but we did support Senator Xenophon's amendment—I now move Greens amendment (2) on sheet 7787:

(2) Schedule 1, page 7 (before line 10), before item 5, insert:

4A After section 3C

   Insert:

3D Consolidation of accounts for entities with total global revenue of $500 million or more

(1) This section applies to an entity for an income year if the entity has total global revenue equal to or exceeding $500 million:

   (a) if the entity is a member of a group of entities that are consolidated for accounting purposes as a single group—as shown in financial statements prepared and audited in relation to all members of the group; or

   (b) otherwise—as shown in financial statements prepared and audited in relation to that entity.

(2) The entity must, as soon as practicable after the end of the income year give the Commissioner general purpose financial statements for the income year for:

   (a) if paragraph (1)(a) applies—the group of entities consolidated as a single group; or

   (b) if paragraph (1)(b) applies—the entity.

(3) For the purposes of this section, financial statements and general purpose financial statements must be prepared and audited in relation to the entity in accordance with:

   (a) accounting principles and auditing principles; or

   (b) 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).

(4) The Commissioner must give a copy of the general purpose financial statements to the Australian Securities and Investments Commission.

(5) In this section:

   accounting principles has the same meaning as in the Income Tax Assessment Act 1997.

   auditing principles has the same meaning as in the Income Tax Assessment Act 1997.