The Australian Tax Office (ATO) has announced that taxpayers with country-by-country (CbC) reporting obligations for the year ending 31 December 2022 will now have until 31 January 2024 to submit their reports.
This extension applies to the CbC report, Master and Local files, generally due by 31 December 2023. The extension is automatic, and there is no need to make a separate request.
The CBC report (referred to in OECD documentation as a ‘CBC report’) must be lodged in the approved form. The approved form follows the OECD XML schema. This schema enables the standardized exchange of CBC reports between jurisdictions. OECD schema v2.0 must be used for all lodgments.
The local file and master file must be lodged in the approved form. The approved form follows the ATO-developed LCMSF XML schema. The local file and master file may be lodged simultaneously or separately using the same XML file. The CBC report must be lodged separately.
