07 Feb 2019 Change to reportable tax position (RTP) lodgment requirements
The ATO no longer issues notifications to every taxpayer who has to lodge a reportable tax position (RTP) schedule. In most instances, you and your clients must assess if they are required to submit the RTP schedule.
If your clients match all the following criteria they will need to lodge an RTP schedule for years ending on or after 30 June 2019:
- they are a public company or a foreign owned company
- their total business income is $25 million or more in the current tax return (for the 2017-18 year the 'total income' is reported at label 6S)
- they are part of a public or foreign owned economic group with total business income of $250 million or more in the current or immediately prior year.
Find out more here.