The Australian Official Gazette, on December 17, published a legislative instrument for CbC reporting jurisdictions by the Taxation Administration for the year 2024. This instrument includes the list of CbC reporting jurisdictions along with their respective reporting periods.
The instrument is made under the Taxation Administration Act 1953.
Earlier, Australia had published the Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024, listing jurisdictions for public Country-by-Country (CbC) reporting on 12 December 2024.
The Australian Taxation Office (ATO) had also revised its guidance on the public country-by-country (CbC) reporting regime focusing on public CbC parent registration requirements on 11 December 2024.
Australia’s public CbC reporting is a reporting regime which requires certain large multinational enterprises to publish selected tax information. The information must be reported either on a CbC basis or on an aggregated basis. The regime applies for reporting periods commencing from 1 July 2024.
Public CbC reporting requires disclosures about:
- the revenues, profits and income taxes of the global group
- the activities of the global group
- an entity’s international related party dealings.
