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11 Apr 2019 General purpose financial statements

For each income year starting on or after 1 July 2016, a corporate tax entity that is a significant global entity with an Australian presence must give the ATO a general purpose financial statement (GPFS) unless a GPFS has already been provided to ASIC.

 

More information can be found here

Guidance on the provision of general purpose financial statements 

In response to feedback from external stakeholders, the ATO has updated its guidance on the provision of GPFS published on 27 September 2017. 

Transitional administrative approach for significant global entities required to lodge general purpose statements 

There was a transitional administrative approach for the first year that significant global entities are required to give the ATO a general purpose financial statement (GPFS). 

You could choose to adopt this transitional administrative approach for your income year commencing between 1 July 2016 to 30 June 2017, if:

  • Australian Accounting Standards applied in relation to you, and
  • you seek to lodge a consolidated GPFS that relates to you and is prepared under commercially accepted accounting principles.

Find out more here.

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