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25 Nov 2021 International Tax

CBC reporting lodgment deferral for December balancers

Due to the year-end holidays and the ongoing impacts from COVID-19, the ATO is providing a lodgment deferral for Country-by-Country (CBC) reporting entities that have a CBC reporting obligation due by 31 December 2021. 

If you are a December balancer, you now have until 4 February 2022 to lodge your CBC reporting statements, including Local file, Master file and CBC report. 

More information can be found here

Multilateral Instrument 

The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, also known as the Multilateral Instrument (MLI), is a multilateral treaty that enables jurisdictions to swiftly modify the operation of their tax treaties to implement measures designed to better address multinational tax avoidance and more effectively resolve tax disputes. 

These measures were developed as part of the OECD/G20 Base Erosion and Profit Shifting (BEPS) project. 

More information on when the MLI takes effect in Australia, how it works, its main features and its impact can be found here.

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