'Major drama' in Country-by-Country reporting despite extension
The former chair of Kreston Australia has weighed in on the Country-by-Country reporting requirements saga, finding that many clients aren’t prepared for the new deadlines despite penalties of over $500,000 being on the table.
According to the ATO, for the first reporting year, reporting entities that have a due date before 15 February 2018 will now have until 15 February 2018 to lodge their CbC statements, being the Local File, Master File and CbC report as applicable under the law.
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