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ARTICLE · 17 APRIL 2024

Crackdown on multinational tax arrangements with new subsidiary disclosure requirements

Holding Redlich
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There is now an onus on companies to be more transparent about their corporate structures.

AustraliaTax
Katherine Hammond
Katherine Hammond
Will Potter
Will Potter
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Australian public companies (listed and unlisted) will need to disclose prescribed information about subsidiaries by way of a new 'Consolidated Entity Disclosure Statement' in their annual financial reports from this year onwards. This comes under changes to the Corporations Act 2001 (Cth) by the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill 2023 (Bill), which received royal assent on 8 April 2024.

This measure will place an onus on companies to be more transparent about their corporate structures and is designed by the government as a means of enhancing public scrutiny of multinational tax arrangements.

The government expects that more information in the public domain will help encourage behavioural changes among companies in how they view their tax obligations, including their approach to tax governance practices, decision-making around aggressive tax planning strategies and potential simplification of

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