Australian headquartered organisations with a December year-end are subject to new country-by-country reporting rules. Therefore, these taxpayers need to consider what steps to take now, given that the reporting period has commenced. The first report will not need to be filed until 31 December 2017.
In considering how to prepare for the country-by-country reporting, entities need to recognise that there may be flexibility in how the report is prepared and with regard to the underlying information collection and the report preparation principles.
It will be important to capture the correct information contemporaneously. Some key decisions that may need to be made as early as possible include:
While flexibility is available in certain areas, it would be prudent to apply policies consistently for all countries and also in future years.
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