In April 2023, the Government released exposure draft legislation for public comment seeking to introduce public country-by-country reporting obligations for income years commencing on or after 1 July 2023 for multinational groups with a tax presence in Australia.
The measure seeks to implement part of the Government’s multinational tax integrity agenda announced prior to the 2022 federal election. Refer to our submission in response to Treasury’s August 2022 consultation paper in which we previously made comments in respect of this policy.
We made a submission to Treasury highlighting various issues contained in the exposure draft legislation including global inconsistency with the existing public country-by-country reporting standards, increased compliance burden and resource allocation challenges with respect to the additional disclosure requirements and the lack of clarity with respect to the penalties associated with non-compliance.
Additionally, we proposed an exemption to exclude small Australian subsidiaries of foreign headquartered country-by-country parent entities based on certain threshold limits and a deferred start date given the measure is not likely to become law before 1 July 2023.
You can read our submission below.
You can find out more about our advocacy work on the website here.
