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Australia: FAQs for “significant global entities” (COVID-19)

Australia: FAQs for “significant global entities”

The Australian Taxation Office (ATO) updated a list of “frequently asked questions” (FAQs) for “significant global entities” with regard to filing general purpose financial statements (GPFS), and providing certain penalty relief in recognition of challenges presented by the coronavirus (COVID-19) pandemic.

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In the updated FAQs, the ATO stated it was extending the automatic remission of failure to timely file (lodge) penalties that apply to significant global entities. The updated FAQs provide, in part, the following ATO response:

However, due to the ongoing effects of COVID-19, we're extending the automatic remission of failure to lodge on time penalties that apply to significant global entities (SGEs).

If lodgment of an approved form (including the GPFS) is less than 30 days late, we will remit the failure to lodge on time SGE penalty to nil for the period until 14 August 2020 if all of the following apply:

  • You are unable to lodge that approved form (including the GPFS) due to circumstances beyond your control that arise as a direct result of COVID-19.
  • The failure to lodge on time SGE penalty is incurred after 23 January 2020 and on or before 14 August 2020.

If your lodgment is more than 30 days late, you will need to contact us to discuss your specific circumstances.

Despite the penalty remission, you will still need to make your payments on time. If you are having problems making your payments, you may be able to defer some payments.

Thus, the approach taken by the ATO will depend on whether the approved form is filed less than 30 days late or longer. 

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