Australia is extending its first annual country-by-country (CbC) reporting deadline.
Reports are now due February 15, 2018, instead of December 31, 2017. Because of this extension, multinationals with a December year-end will now have more time to file their first CbC reports, including master files and local files. This is a one-time extension, however, and in future tax years these reports will be due 12 months after the end of the CbC reporting period.
This is the first year for mandatory CbC filing and this extension will likely alleviate potential hardships encountered by taxpayers filing their Australian CbC reports for the first time.
For more information, contact your KPMG adviser.
Information is current to December 05, 2017. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500