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Australia Publishes Additional Instruction on Local File Part A and Part B — Orbitax Tax News & Alerts

On 10 August 2017, The Australian Taxation Office published Local file instructions: Part A and Part B. The Local file requirement forms part of Australia's Country-by-Country (CbC) reporting, which also includes the CbC report and the Master file. The Local file collects information and relevant documentation for international related party dealings and must be submitted electronically via one of the following mechanisms:

The Local file is due within 12 months following the taxpayer's year-end, although Part A may be submitted with the tax return in lieu of labels 2 to 17 of the international dealings schedule (IDS). This administrative solution is provided in order to avoid duplication of information in the Local file and IDS.