The ATO says companies can now start lodging with it their Country-by-Country (CbC) reporting statements – that is:
- the CbC report,
- master file and
- local file).
The ATO warns it can only accept electronic lodgements using one of the following channels:
- Business Portal using file transfer;
- Tax Agent Portal using file transfer;
- Standard Business Reporting (SBR) using SBR-enabled software.
Companies must provide all 3 CbC statements to the ATO within 12 months after the end of their income tax year. However, if they choose to use the local file administrative solution, they are required to lodge Part A of the local file at the same time as their tax return.
The ATO also reminds companies that as outlined in the local file lodgment concession, December balancers that choose to use the local file administrative solution have until 15 August 2017 to lodge their tax return, Part A of the local file and the remaining labels of their International Dealings Schedule (IDS). Part A of the local file will be taken to be lodged at the same time as the tax return if Part A, the remaining labels of the IDS and the tax return are lodged in any order on or by 15 August 2017.