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ATO Issues Notice on RTP Schedule Self-Assessment Requirements for Private Companies — Orbitax Tax News & Alerts

The Australian Taxation Office (ATO) has issued a notice on the RTP Schedule Self-Assessment Requirements for Private Companies from the 2021-22 income year.

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RTP schedule - self-assessment for private companies

From the 2021-22 income year onwards, private companies must self-assess their requirement to lodge a Reportable Tax Position (RTP) schedule for each income year.

You'll need to complete the RTP schedule if your company's total business income for the 2021-22 income year is:

  • $250 million or more, or
  • $25 million or more and the company is part of an economic group whose total business income for 2020-21 is $250 million or more.

An economic group includes all entities (companies, trusts and partnerships) that lodge an Australian tax return under a direct or indirect ultimate holding company or other majority controlling interest. This includes all entities under a single ultimate holding company or under the ownership of a single individual, trust or partnership.

The total income of the group is the sum of all income labels in the Australian tax returns of every group member.

We're currently writing to companies who met these criteria in previous income years, encouraging early consideration of the self-assessment criteria to determine their 2021-22 RTP schedule lodgment obligations.

The RTP schedule instructions provide examples to help you determine who is in your company's economic group and how to calculate the group's income.

See also:

RTP schedule expansion to large private companies

Reportable tax position schedule 2021