The legislation now awaits Royal Assent.
The Australian Parliament on November 29, 2024, passed legislation to implement mandatory public disclosures of country-by-country (CbC) tax information for multinational groups, effective for reporting periods starting on or after July 1, 2024. The legislation now awaits Royal Assent.
The legislation mandates that multinational enterprises, both Australian-headquartered and foreign-owned with significant Australian operations, disclose detailed tax information. Required disclosures include the names of entities in the CbC group, the group's tax approach, and quantitative tax data for relevant jurisdictions. This information will be publicly accessible on an Australian government website.
The “specified jurisdiction” list, for which disaggregated country level CbC reporting is required, is still to be registered, which is expected to occur after Royal Assent in December 2024.
Read a December 2024 report prepared by the KPMG member firm in Australia