The Australian Taxation Office (ATO) has issued a notice on the expansion of reportable tax position (RTP) schedule lodgment requirement to large private companies from 1 July 2020, as well as a consultation on additional RTP Category C questions.
Expanding the RTP schedule lodgment requirements to large private companies from 1 July 2020
For income years starting from 1 July 2020, large private companies will be required to lodge a reportable tax position (RTP) schedule.
This change is to ensure consistency across the large market as all large companies (regardless of whether they are public, foreign owned or private) will now be required to lodge an RTP schedule.
In November 2018, we started extensive public consultation to minimise uncertainty and compliance costs in the expansion of the RTP schedule to private companies.
Outcomes from the consultation process were:
- To ensure a level playing field in the large market, we will retain the same turnover thresholds and economic group definition for public, foreign owned and private companies.
- For the 2021 income year, we will notify selected large private companies who are required to lodge the RTP schedule. Private companies who haven't been notified won't be required to lodge the RTP schedule that year. Public and foreign owned companies will still need to apply the lodgment criteria to work out if they need to lodge.
We are conducting further public consultation on the proposed additional RTP Category C questions to be incorporated into the RTP schedule. You can view the proposed questions on our RTP expansion consultation paper. The closing date for comment is 15 June 2020.