The ATO has introduced a new schema for the second year of Australian local file lodgements, which will be required for income years beginning on or after 1 January 2017.
This new schema contains new questions which are in addition to the existing questions in the year 1 schema. Amongst other things, new disclosures include the name of the Australian party to the transaction, the average quarterly balance of debt interests held or issued, and details on whether the transaction relates to a PE.
Due to the introduction of the new schema, the ATO has extended the deadline for 31 December and 31 January year end companies to take advantage of the administrative solution in 2018. These companies now have until 14 September 2018 to lodge Part A of their Local File in lieu of Q2-17 of the International Dealings Schedule.
We understand the complexity of the entire transfer pricing lifecycle, including BEPS obligations. Our team of tax experts can help your team navigate the shifting landscape of Transfer Pricing and the new BEPS regime. We put together a free infographic to show how we can help with your BEPS local file submissions with technology you can trust:
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