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Australia Publishes Local and Master File Guidance for 2018 — Orbitax Tax News & Alerts

The Australian Taxation Office has published Local file instructions 2018 and Local file/master file 2018 to provide guidance for taxpayers to comply with their reporting obligations.

Local File Instruction 2018

The Local file instructions 2018 set out the basic requirements for the submission of the Local file, which is comprised of three parts; short form, part A, and part B. The local file must be electronically lodged in the approved form (an XML file generated in accordance with an ATO developed XML schema). The local file is part of a combined form, which also contains the Master file. The local file may be lodged separately or together with the Master file.

Local File/Master File 2018

The Local file/master file 2018 guidance covers the general criteria for the submission of the short form Local file and the full Local file, as well as the required information to be included in the Local file and Master file, the exceptions and exclusions, and the detailed design.