Australia: Delay in implementation of public country-by-country (CbC) reporting
12-month delay, to 1 July 2024
12-month delay, to 1 July 2024
The government on 23 June 2023 announced a 12-month delay in the implementation of public country-by-country (CbC) reporting to 1 July 2024 (from the originally proposed 1 July 2023).
The delayed start date is intended to better align with the commencement of the EU’s public CbC reporting directive and to allow more time for consultation.
The government also released a Treasury document [PDF 165 KB] entitled “Summary of Consultation Process Outcomes” that provides further details on the direction of the proposed CbC reporting changes.
In both the Treasury document and in Attachment 1: Impact Analysis for Schedule 1 of the Explanatory Memorandum to a bill containing other measures related to multinational entities (MNEs) introduced in Australian Parliament on 22 June 2023, the government has highlighted certain themes and preferred design options arising from stakeholder consultation.
Of particular note is the removal of the additional data requirements proposed in the original public CbC legislative draft, which were in excess of requirements for other global tax transparency regimes.
Read a June 2023 report [PDF 245 KB] prepared by the KPMG member firm in Australia
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.