From www.pwc.com.au: The ATO has announced changes to the local file short form requirements for multinational groups operating in Australia, effective from 1 January 2025.

The new guidelines significantly expand reporting obligations, now encompassing broader base erosion and profit shifting (BEPS) topics and requiring detailed disclosures about business lines, organizational structures, and intangible arrangements.

Failure to comply with these new requirements may result in significant penalties, emphasizing the need for multinationals to collaborate with offshore affiliates to ensure accurate reporting.