The Australian Taxation Office (ATO) issued a guidance document on the implementation of Country-by-Country (CbC) reporting in Australia.
Subdivision 815-E of the Income Tax Assessment Act 1997 (ITAA 1997) implements the 2015 Final Report of Action 13 of the OECD/G20 Base Erosion and Profit Shifting. CbC reporting incorporates revised standards for transfer pricing documentation and a common template for significant global entities (SGEs) to report income and other measures of economic activity for each country in which they conduct their activities. The measure applies to income years commencing on, or after, 1 January 2016. An SGE for the whole or a part of the previous income year with specified connection to Australia is required to provide with three statements within 12 months after the end of your income tax year, namely, CbC report, master file, and local file.
This guidance outlines the administrative practice, including advice on CbC reporting to assist the taxpayers in understanding and meeting their obligations under Subdivision 815-E of the ITAA 1997. This document supplements and should be read with LCG 2015/3 Subdivision 815-E of the Income Tax Assessment Act 1997: Country-by-Country reporting (issued 17 December 2015).
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):