Show download pdf controls
  • 5. Country by country reporting entities – GPFS obligation

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    CBC reporting entities that are corporate tax entities are required to give the Commissioner a general purpose financial statement (GPFS) if they:

    • are Australian residents or foreign residents operating an Australian permanent establishment at the end of the income year, and
    • do not lodge a GPFS with the Australian Securities & Investments Commission (ASIC) within the time provided under subsection 319(3) of the Corporations Act 2001.

    The GPFS must be for the financial year that most closely corresponds to the income year, and it must be given to the Commissioner by the time the entity is required to lodge its income tax return.

    GPFSs cannot be lodged with the income tax return and must be lodged through ATO Online Services.

    Early balancers – Significant global entities – GPFS obligation

    This item must be answered if you are an entity that is a SGE for an income year that commences earlier than 1 July 2019, that is, an early balancer. If that is the case, you should also print X at G2 at item 3 Status of Company.

    See also:

    Question 5A

    Have you lodged a general purpose financial statement with ASIC in relation to this income year (before the due date for lodgment of the statement with ASIC)?

    Answer Yes if you have lodged a GPFS with ASIC on or before the due date(s) for lodgment of the statement with ASIC and your income tax return. The GPFS must be for the financial year that most closely corresponds to this income year. You do not need to answer 5B.

    Answer No in all other circumstances. You must answer 5B.

    Question 5B

    Will you be lodging a general purpose financial statement with ASIC in relation to this income year (before the due date for lodgment of the statement with ASIC)?

    Answer Yes if you intend to lodge a GPFS with ASIC on or before the due date(s) for lodgment of the statement with ASIC and your income tax return. The GPFS must be for the financial year that most closely corresponds to this income year.

    Answer No in all other circumstances. You must lodge a GPFS with the ATO on or before the due date for lodgment of your income tax return if you have not already lodged a GPFS with the ATO for the income year.

    Next step:

    Last modified: 09 Dec 2020QC 62685