ARTICLE · 11 MARCH 2024

Public CBC Reporting: The Ultimate Tax Transparency Tool For The ATO And Multinationals

Alvarez & Marsal

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On February 12, 2024, the Australian government released a new exposure draft (ED) proposing public country-by-country (CbC) reporting requirements...

AustraliaTax

On February 12, 2024, the Australian government released a new exposure draft (ED) proposing public country-by-country (CbC) reporting requirements for certain multinational entities operating in Australia. These requirements will apply to reporting periods commencing on or after July 1, 2024, and are distinct from the existing private CbC reporting provisions under subdivision 815-E of the Income Tax Assessment Act 1997.

Key Changes from Previous ED

Compared to the April 2023 ED, the new ED reflects the government's intent to align more closely with the European Union (EU) public CbC reporting directive. Notable changes include:

Removal of certain disclosures: The ED removes several disclosures proposed in the previous ED, including:
- Related party expenses

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