miércoles, 5 de julio de 2017

Update on Australian country-by-country reporting

The Australian Taxation Office (ATO) has published further guidance on the Australian Country-by-Country (CbC) Local File, including guidance on the electronic filing format; guidance on the provision of international related-party (IRP) agreements within Part B of the CbC Local File; and further details on the administrative concession which permits early filing of Part A of the CbC Local File, instead of providing certain transfer pricing disclosures in the International Dealings Schedule (IDS) of the income tax return.

The Australian CbC Local File requirements are complex and merit timely and careful consideration. The Local File must be completed by all Australian taxpayers that are part of a group with global income of more than AUD 1 billion, with filings in respect of the December 31, 2016 year due by December 31, 2017. The format and content of the Australian CbC Local File are unique, and taxpayers will need to decide which software solution to utilize to produce a valid Local File that can be submitted to the ATO.

The new filing requirements also come at a time when a harsh new penalty regime has been legislated, which can result in penalties for non-compliance of up to AUD 525,000.

Source & more info: PwC

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