The Australian Taxation Office (ATO) has issued a notice dated 20 November 2020 on the non-lodgment of income tax schedules by publicly listed and multinational businesses.
Non-lodgment of income tax schedules
Depending on the information you provide in your income tax return you may have an obligation to lodge an associated schedule.
In the coming weeks, we will be contacting publicly listed and multinational business clients who have outstanding income tax schedule obligations and their authorised tax adviser.
Who is covered by this program
Publicly listed and multinational businesses.
What you need to do
To complete your lodgment, you must lodge your income tax return and all the required schedules by the due date, including (where applicable):
- International dealings schedule
- Losses schedule
- Consolidated losses schedule
- Capital gains tax schedule
- Reportable tax position schedule.
If you have lodged your income tax return without the required schedules, we will consider your lodgment as incomplete.
If you do not lodge your return and the required schedules by the due date, you may incur penalties for failing to lodge on time. You may also be referred for further compliance action.
Information is available on our website to assist you in completing the relevant schedules.