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Australia Updates Instructions on Completing the Local File — Orbitax Tax News & Alerts

The Australia Taxation Office published updated instructions on 30 January 2018 for completing the Local File - Short Form. The requirement to submit a Local file applies for reporting beginning on or after 1 January 2016 and is part of Australia's Country-by-Country (CbC) statements requirements, which also include the Master file and CbC report. In general, companies with international related party dealings below AUD 2 million may lodge the short form Local file, while others must lodge the full Local file. The deadline for lodgment is 12 months following the end of the reporting year, although for the year ending 31 December 2016, an extension to 15 February 2018 was provided. The guidance update applies for taxpayers making lodgment by 15 February 2018 and additional guidance will be provided for future lodgment.