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ATO Update on Process for CbC Reporting Lodgments — Orbitax Tax News & Alerts

The Australian Taxation Office (ATO) has issued a follow-up email notification concerning an update on Country-by-Country (CbC) reporting lodgments issued in February ({News-2020-02-14/A/2-previous coverage}).

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As previously advised in our email of 13 February 2020, there is important information below regarding your CbC reporting lodgments (ie CbC report, master file and local file) made from 16 March 2020. We have considered your feedback and have made the following changes to ensure a more effective system.

  1. An increased number of data validations will now be performed on lodgments before they are accepted.
    • These validations do not impose new lodgment requirements. They seek to ensure that CbC reporting lodgments accepted by our systems comply with the relevant requirements.
    • These include identity matching of entities against details on our systems such as name, ABN and TFN.
  2. This year, you can expect to receive an email confirming the outcome of your lodgment within two to three working days. If you have not received an email within five working days of making your lodgment, please contact the CbC Reporting team. Please also note the following:
    • For the first few weeks after 16 March, it may take longer than five days for an email to be received as we will be monitoring system performance. We appreciate your patience while this is occurring.
    • Penalties will not apply if you have made your lodgments by the due date but have not received the email confirmation until after the due date.

For further information about these changes, please refer to our recently updated online guidance.

If there are any questions, please contact the CbC Reporting team.