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Australia Announces CbC Reporting Changes

by Mary Swire, Tax-News.com, Hong Kong

20 February 2020


The Australian Taxation Office has announced changes to its CbC reporting system following feedback from multinational groups.

In an email to users of the CbC reporting portal, the ATO said the changes will be effective for CbC reporting lodgments made from March 16, 2020.

First, the ATO has announced that an increased number of data validations will now be performed on lodgments before they accepted. The ATO said these validations do not impose new lodgments requirements; they seek to ensure CbC reporting lodgments accepted by its systems comply with the relevant requirements. These include identity matching of entities against details on the ATO's systems, such as name, Australian Business Number, and Tax File Number.

Second, ATO has newly committed to submitting a confirmation email to those who have lodged transfer pricing documentation within 24 to 48 hours. The ATO said that those businesses who have not received such a confirmation within five days should contact the CbC reporting team at CBCReporting@ato.gov.au.

Finally, the ATO announced that it intends to update its guidance on CbC reporting within the next two weeks, including with details of potential lodgments errors.

TAGS: business | Australia | transfer pricing | Tax

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