Australian tax authority extends deadline to file CbC reports

Australian tax authority extends deadline to file CbC reports

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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