Australia Extends CbC Reporting Deadline
The Australian Taxation Office (ATO) has extended until February 15, 2018, the deadline for “significant global entities” to file their country-by-country (CbC) reports.
The extension applies to entities that are December and January balancers filing for the first time. The extension also applies to the filing of local and master files.
The ATO has said a penalty will not apply to CbC reports and local and master files submitted by February 15, 2018.
In December 2015, the Australian Government enacted law to bring the country’s transfer pricing documentation rules into line with the OECD’s recommendations under base erosion and profit shifting Action 13, which proposed a new three-tiered standardized approach to transfer pricing documentation, comprising a local file (referring specifically to material transactions of the local taxpayer), a master file (containing standardized information relevant for all group members), and the CbC report.