The Australian Taxation Office (ATO) has issued an email notification regarding an essential update on Country-by-Country reporting (CbCR) lodgments. An increased number of data validations will now be performed on lodgments before they are accepted and these validations do not impose new lodgment requirements.
They seek to ensure that CbCR lodgments accepted by systems comply with the relevant requirements. These include identity matching of entities against details on systems; such as name, ABN and TFN. This year, taxpayers can expect an email providing a confirmation within 24 to 48 hours of lodgment.
