Australia Publishes Final Rules for Second Year Reporting of FX Gains and Losses in the Local File

The Australian Taxation Office (ATO) has published final rules for second year reporting of foreign exchange gains and losses for international related party (IRP) transactions in Local File Part A. This includes special reporting rules for

• Regular short term deferred foreign currency payment arrangements;
• Irregular or longer term deferred foreign currency payment arrangements; and
• A Reporting rule for FX gains and losses in other scenarios.

The final rules update also notes that consulta…