Australia’s parliament passed a legislation, on 29 November 2024, that mandates all multinational groups to publicly disclose country-by-country (CbC) tax information starting 1 July 2024.
The legislation requires multinational Australian and foreign-owned companies with significant Australian operations to disclose detailed tax information, including entity names, the group’s tax approach, and tax data for relevant jurisdictions. This information will be publicly available on an Australian government website.
The list of “specified jurisdictions” requiring CbC reporting is not finalised and will be confirmed following the bill’s Royal Assent in December 2024.
The bill’s approval follows after the Australian government presented a new legislation in the parliament, Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024, on 5 June 2024, which included public CbC reporting, among other measures.
In August 2024, Australia’s Senate Economics Legislation Committee released its report on the CbC reporting legislation, which advised passing the legislation with amendments to align the proposed CbC reporting standards with global standards.
