Significant entities ($1b global turnover) who may be affected by the Multinational Anti-Avoidance Law - should contact the ATO by 31 March 2016

On Friday 11 March 2016, the ATO advised (on its website) that there are three weeks left to notify us if you think your arrangements may be within the scope of the Multinational Anti-Avoidance Law (MAAL).

If you meet the definition of a significant global entity (AUD 1b turnover) and are potentially impacted by the MAAL (s177DA of the ITAA36), you need to engage with us by 31 March 2016. You can contact us at MAAL@ato.gov.au

If you do not engage with us by 31 March 2016, the MAAL increased penalties for significant global entities may apply to you. The provisions double the penalty for any scheme shortfall amount.

To help you consider your position:

this Law Companion Guideline outlines how we will apply and administer the law
this client experience roadmapExternal Link, issued on 12 January 2016, outlines how we will engage with you so you can transition to compliant arrangements.

Significant entities ($1b global turnover) who may be affected by the Multinational Anti-Avoidance Law – should contact the ATO by 31 March 2016

Author: John Morgan