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  • 2021 local file instructions available

    The local file instructions are now available to help you complete the 2021 local file as part of your country-by-country (CBC) reporting obligations.

    Updates to the instructions include:

    • instructions for new fields, for example, the new question on whether debt interests are interest free
    • new codes for foreign and other jurisdictions
    • highlighting reporting rules for capital amounts for derivatives and debt interests (including loans and borrowings)
    • expanded instructions for foreign currency deferred payment arrangements
    • asking for a short description for certain 'other' transaction categories
    • additional examples.

    Local file Part A - lodgment extension

    We're providing 31 December 2020 early balancing entities additional time until 30 August 2021 to lodge Part A of their 2021 local file if they indicate in their tax return they are taking up the local file administrative solution.

    The income tax return and relevant sections of the International dealings schedule 2021 (IDS) must still be lodged by 15 July 2021, or the relevant due date, subject to any relevant lodgment deferrals or concessions.

    To take advantage of the extension for lodging Part A of the 2021 local file if you choose the administrative solution, you must indicate in question 1b of the IDS that Part A of the local file will be lodged with the tax return. By doing this you won't need to complete questions 2 to 17 of the IDS.

    Part A of the local file must be received by 30 August 2021, to qualify for the administrative solution.

    If you have questions or want to provide feedback, you can email the CBC reporting team at CBCreporting@ato.gov.au

    See also

    Last modified: 15 Jul 2021QC 66403