乐鱼(Leyu)体育官网

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Australia: Parliament passes legislation implementing public country-by-country reporting

The legislation now awaits Royal Assent.

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December 2, 2024

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 鈥渟pecified jurisdiction鈥� 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 乐鱼(Leyu)体育官网 member firm in Australia聽

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