Australia: Revised draft legislation implementing public country-by-country reporting
Latest draft takes into consideration stakeholder feedback from the April draft legislation
The government on 12 February 2024 released revised exposure draft legislation and explanatory materials implementing public country-by-country (CbC) reporting for reporting periods beginning on or after 1 July 2024.
The government previously released draft legislation for public CbC reporting in April 2023 that would have been effective for the 2023-2024 tax year.
Following consultation with stakeholders, the government announced a delay in the start date of the measures and a narrowing of the data requirements to be disclosed in June 2023.
This latest draft takes into consideration stakeholder feedback from the April draft legislation on three important matters:
- Removal of Australian-specific data requirements (e.g., details of intangibles, lists of tangible assets, and Pillar Two effective tax rates), bringing the information requirements more closely in line with the private OECD CbC reporting requirements
- Allowing aggregation of required data for all foreign jurisdictions that are not on a list of 41 specified jurisdictions closely aligned to the International Dealings Schedule specified jurisdictions list (but excluding those in the EU)
- Application of de minimis threshold to multinational enterprise (MNE) groups such that a CbC reporting parent is not subject to a reporting obligation if less than A$10 million of the group’s global income for the income year is Australian-sourced income
Read a February 2024 report [PDF 326 KB] prepared by the KPMG member firm in Australia