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The Australian Taxation Office has issued a business bulletin on a Local file lodgment concession for reporting entities that have chosen to lodge Part A of the Local file with their tax return.

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Under the administrative solution for the local file, a reporting entity may choose to voluntarily lodge Part A of their local file at the same time as their Income Tax Return.

If a reporting entity chooses this option, they will not need to complete labels 2 to 17 of the international dealings schedule (IDS). The administrative solution is only available for lodgments due on or after 1 July 2017 using the 2017 stationery.

Under the lodgment concession, reporting entities that are December balancers and that choose to take up the administrative solution will have until 15 August 2017 to lodge their income tax return, Part A of the local file and the remaining labels of the IDS.

This is a lodgment concession only and does not change the due date for payment, if required.

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