15RU-016 Tax laws amendment requires general purpose financial statements

15RU-016 Tax laws amendment

The Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, enacted in early December 2015, has amended the tax legislation to require certain entities to prepare and lodge general purpose financial statements (GPFS) with the Australian Taxation Office (ATO) at the time it lodges its tax return. These GPFS will be provided by the ATO to the Australian Securities and Investments Commission.

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The amendment applies for income years commencing on or after 1 July 2016.

Key insights

  • Tax transparency measures result in general purpose financial statements being required for certain ‘corporate tax entities’
  • No change to Corporations Act 2001 requirements as yet
  • Impacts Australian companies, not just Australian subsidiaries of multinational groups
  • No impact for entities reporting for financial years ending 31 December 2015 and 30 June 2016

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