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ATO Publishes Reminder on Requirement for Lodgment of General Purpose Financial Statements — Orbitax Tax News & Alerts

The Australian Taxation Office has published a reminder on the requirement for the lodgment of general purpose financial statements.

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General purpose financial statements lodgment reminder

A number of significant global entities (SGEs) will shortly be required to lodge their general purpose financial statements (GPFS).

You must give us a GPFS if you:

  • are a corporate tax entity (that is, a company, corporate limited partnership or public trading trust) for the income year,
  • are an SGE for the income year,
  • are an Australian resident or a foreign resident operating an Australian permanent establishment (PE), at the end of the income year, and
  • don't lodge a GPFS with ASIC for the financial year most closely corresponding to the income year within the time provided under subsection319(3) of the Corporations Act 2001 (Corporations Act).

If you meet the above definition, please ensure you lodge a GPFS. You can refer to our web guidance for more information on GPFS requirements.

The requirement to lodge a complete GPFS applies irrespective of any relief under the Corporations Act. If you have not lodged a complete GPFS with ASIC, you must give us a GPFS.

Penalties of up to $525,000 may apply for SGEs that fail to lodge a complete GPFS on time or in the approved form.

Note that lodging special purpose financial statements is not acceptable and penalties may apply.

How to lodge a GPFS

You can lodge a GPFS through the Business Portal or via Online services for agents. We do not accept paper or email of the GPFS lodgments.

If you need more time to lodge your GPFS due to exceptional or unforeseen circumstances, you can request a deferral by emailing SGE@ato.gov.au before the lodgment due date of your income tax return.