Australia Publishes Country-by-Country Reporting Guidance

; posted on
February 6th, 2018

The Australian Taxation Office (ATO) issued a guidance document on the implementation of Country-by-Country (CbC) reporting in Australia.

Country-by-Country (CbC) Report 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.

The Guidance

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).

Source: ATO

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