The Australian Taxation Office (ATO) has provided 31 December 2020 early balancing entities additional time until 30 August 2021 to lodge Part A of their 2021 local file if they indicate in their tax return they are taking up the local file administrative solution.
The income tax return and relevant sections of the International dealings schedule 2021 (IDS) must still be lodged by 15 July 2021, or the relevant due date, subject to any relevant lodgment deferrals or concessions.
To take advantage of the extension for lodging Part A of the 2021 local file if taxpayer chooses the administrative solution, they must indicate in question 1b of the IDS that Part A of the local file will be lodged with the tax return. By doing this taxpayer won’t need to complete questions 2 to 17 of the IDS.
Part A of the local file must be received by 30 August 2021, to qualify for the administrative solution.
