Australia Tax Agency Updates Guidance on Local File Requirements for CbC Reporting Entities

The Australian Taxation Office May 1 updated guidance on the local file requirements for country-by-country (CbC) reporting entities, effective Jan. 1, 2025. The updated guidance includes: 1) clarification that CbC reporting entities must use Local File/Master File (LCMSF) Schema Version 4.0 (V 4.0) for reporting periods beginning on or after Jan. 1, 2024; 2) the option for taxpayers to use V 4.0 for earlier reporting periods or continue using version LCMSF Version 3.0 (V 3.0), applicable for reporting periods beginning prior to Jan. 1, 2024; 3) the expected timeframe for development of V 4.0 during 2024; and 4) detailed comparisons ...