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July 11, 2019
Australian Taxation Office proposes expansion of Reportable Tax Position schedule requirements to private groups
On 8 July 2019, the Australian Taxation Office (ATO) issued a consultation paper (LINK) on a proposal to expand Reportable Tax Position (RTP) schedule requirements to large private companies and corporate groups.
From the 2018 income year, the completion of the RTP schedule has been required by all public and multinational groups meeting the following criteria:
The consultation paper proposes that existing thresholds be maintained, which would be broadly applied to all corporate entities, whether private or otherwise, including standalone entities with total business income in excess of AU$250m. There is no intention to include trusts or individuals at the current time.
Preparation of the RTP schedule requires self-assessment regarding the following disclosures for current and future income years:
Information collected is used by the ATO to: (i) better understand tax risks for taxpayers; (ii) tailor ATO engagements; and (iii) identify areas of uncertainty within the application of tax law.
The paper proposes these changes apply to RTP schedules for income years ending on or after 30 June 2020 with first filings due during 2021.
There are a number of consultation questions for feedback, including:
Comments are due by 5 August 2019.
For additional information with respect to this Alert, please contact the following:
Ernst & Young (Australia), Sydney
Ernst & Young (Australia), Melbourne
Ernst & Young (Australia), Adelaide
Ernst & Young (Australia), Perth
Ernst & Young (Australia), Brisbane
Ernst & Young LLP (United States), Australian Tax Desk, New York
Ernst & Young LLP (United Kingdom), Australian Tax Desk, London