The Australian tax authority has allowed “significant global entities” time until January 15, 2019, to lodge their country-by-country (CbC) reports.
Australia enacted a new CbC reporting requirement in December 2015 to implement the three-tiered approach to transfer pricing documentation proposed under Action 13 of the OECD’s base erosion and profit shifting project.
The CbC reporting requirement – effective from income years starting January 1, 2016 – applies to “significant global entities” with annual global income exceeding AUD1bn.
The due date for filing a CbC report for the year ending December 31, 2017, was December 31, 2018.
However, due to the year-end holiday period, the tax authority has provided a filing extension until January 15, 2019.
Failure to file the CbC report within the new deadline may result into penalties, the tax authority warned.
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