Australia Tax Agency Updates 2024 CbC Guidelines on Local Files, Master Files

The Australian Taxation Office July 14 updated the 2024 country-by-country (CbC) guidelines on local and master files. Topics covered include: 1) local file tiers and instructions; 2) the local file schema (LCMSF 2021) (V 3.0); 3) an overview of the information required for reporting; 4) reporting guidance for international related parties (IRP) and international related party dealings (IRPD); 5) IRPD transaction reporting exclusions; and 6) information on the submission of master files and CbC report notifications. [Australia, Australian Taxation Office, 07/14/24]

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