Jane Rolfe and Aaron Yeo discuss the looming deadline for Australian taxpayers submitting Country by Country reports.
The final wave of Base Erosion and Profit Shifting (BEPS) Country-by-Country (CbC) reporting for many Australian taxpayers with December year-ends is imminent. The extended due date the Australian Taxation Office (ATO) gifted as an early Christmas present is 15 February 2018.
As a recap, Australian taxpayers have a primary obligation to lodge the CbC report, Master File and Australian Local File (ALF) with the ATO. Failure to lodge on time has the potential for extremely onerous penalties!
As we get close to filing, we’ve listed below some areas to be mindful of:
It is welcome that the ATO is listening to and responding to feedback, although the reporting regime is still proving time-consuming and challenging to complete.
The next challenge is on the ATO as they review and risk assess the first round of completed CbC reporting documents.
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