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In recent years, the Australian Taxation Office (ATO) has strengthened its supervision of significant global entities (SGEs) in Australia. ATO requires these SGEs to lodge Country-by-Country (CbC) reporting. CbC reporting mainly includes three reporting statements, namely CbC report, master file and local file.
The measure takes effect from income years commencing on or after 1 January 2016. Failure to submit CbC reporting may lead to fines (Failure to lodge penalties) up to AUD$550,000.
For more information, please refer to the article shared by Wis Partners Group PTY LTD (see in the link below).
If you have any question, please feel free to contact us at info@wispac.com.au.
