The Australian Taxation Office (ATO) has updated its list of topics under review, including exemption discretions for public country-by-country reporting (CbCR).

Purpose

This draft Practice Statement will outline the Commissioner’s approach to Public Country-by-Country (CBC) reporting exemptions. The guidance will include:

  • the process for submitting applications
  • information that should be provided with applications and
  • considerations relevant to the exercise of the discretion sought.

Comments

Public CBC parent entities are required to lodge a Public CBC report for reporting periods commencing on and after 1 July 2024 unless they have been granted an exemption by the Commissioner.

This Practice Statement will provide staff instruction on exercising these powers and provide guidance to applicants on seeking an exemption.

This draft Practice Statement aligns with the expectation expressed in paragraph 4.24 of the Explanatory Memorandum to the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024.

Expected completion date

The draft is expected to be finalised by mid-2025.