Lodge Your General Purpose Financial Statements (GPFS) Soon

All corporate tax entities that are classified as country-by-country (CBC) reporting entities with their business presence in Australia must lodge their General Purpose Financial Statement (GPFS) and present it to the Australian Taxation Office by the due date of their income tax return. If your entity has already lodged with the Australian Securities and Investments Commission (ASIC), there’s no need to do it again.

Eligibility Requirements For GPFS

You must lodge a GPFS, if you:

  • are a corporate tax entity, limited partnership or public trading trust
  • are a country-by-country reporting entity for the income year
  • are operating an Australian permanent establishment (PE)

You are eligible for lodging a GPFS with ATO if you hadn’t done it before with ASIC for the financial year. If you meet all the eligibility requirements, then it’s a reminder to lodge your general purpose financial statement by the due date of your income tax return.

The process of lodging is paperless via ATO online services.

Relief or Exclusion For GPFS Lodgment

A business must submit a GPFS, no matter it’s a reporting entity under the Australian Accounting Standards or not. Your lodgement with ASIC will only be considered if you have done it with an eligible operator in the financial market.

No relief or exclusion will be entertained in relation to an obligation to prepare or lodge financial reports, in case you are:

  • a grandfathered large proprietary company exempt from lodging financial reports
  • a head company of a consolidated group relieved by ASIC from preparing financial reports

Points To Note Before Filing A Lodgment

Eligible businesses that are a subsidiary member of an accounting organisation, but not a part of a consolidated tax group may still have an obligation to lodge a GPFS, no matter, the parent company has already lodged it or not.

  • A special purpose financial statement with ASIC is not considered a valid GPFS lodgment.
  • A penalty of up to $555,000 may apply if you fail to lodge GPFS on time and in approved format.

If you are short of time and need professional assistance to help you in filing a general purpose financial statement, feel free to contact our registered tax accountants in Dandenong at KPG Taxation to lend you a helping hand.

Consulting with KPG Taxation

Focus On Growing Your Business, Leave The Accounting On Us!

  • Income Tax : File your taxes & get the best claims & returns.
  • Accountancy : Hire expert accountants to manage your transactions.
  • Bookkeeping : Let us handle your record books and expense reports.
  • Business Advisory : From company set-up to payroll, we handle it all.