Australia: File “general purpose financial statements” | KPMG | GLOBAL

Australia: Identifying taxpayers that must file “general purpose financial statements”

Australia: File “general purpose financial statements”

The Australian Taxation Office (ATO) released guidance identifying which taxpayers need to prepare “general purpose financial statements” as part of an effort in promoting tax transparency of a company’s Australian tax affairs.

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For Australian companies that need to determine whether they are to file general purpose financial statements, there are five questions to consider:

  • Who is the taxpayer?
  • Is the taxpayer a significant global entity?
  • If so, then does the taxpayer have an obligation to file general purpose financial statements?
  • What are the options available to meet the taxpayer's general purpose financial statements obligations?
  • Are there any additional transparency disclosures that need to be made to meet ATO's “best practice”?

Comments on the ATO general purpose financial statements guidance are due by 27 October 2017.

 

Read an October 2017 report prepared by the KPMG member firm in Australia

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