Australia Tax Agency Clarifies Information on Lodging General Purpose Financial Statement

The Australian Taxation Office April 28 clarified information on lodging a general purpose financial statement (GPFS). The clarification includes that: 1) entities must submit a GPFS if they meet all the specified criteria, including being a corporate tax entity for the income year, a country-by-country (CbC) reporting entity for the income year, and an Australian resident or a nonresident operating an Australian permanent establishment (PE) at the income year’s end; 2) subsidiary members of accounting groups who are not members of tax consolidated or multiple entry consolidated (MEC) groups may still be required to lodge a GPFS, even where a ...