The Australian Taxation Office (ATO) has released its final draft of the 2018 Message Structure Table (MST) and XML Schema for the Australian Local File (ALF) for tax year 2018.
This will represent the second ALF that most taxpayers will be required to lodge and there are a number of new requirements and key changes from the first ALF such that a simple roll-forward is not an option. In particular, key changes to the ALF requirements include:
- Expansion of Local File information;
- Information of third party expenses reimbursements;
- Foreign exchange (FX) gains and losses.
Taxpayers that wish to lodge ‘Part A’ of their Local File instead of completing certain questions on the International Dealings Schedule (IDS) will have until September 14, 2018 to lodge Part A.
This extended due date does not alter other reporting obligations, including the date for lodging the income tax return, and preparing transfer pricing documentation. The ATO has advised that there will be no extension in relation to Full Local File lodgment (inclusive of Part A, Part B, Short Form, and Master File), which will be due on December 31, 2018 for the December 31, 2017 year.
