On 25 October 2022, as part of the 2022–23 federal Budget, the Australian Government announced it will introduce reporting requirements for relevant companies to enhance the tax information they disclose to the public.
The following reporting obligations apply in respect of income years or reporting periods commencing from 1 July 2024:
- Australian public companies (listed and unlisted) to disclose information about subsidiary entities including the tax residency of each of those entities.
- Tenderers for Australian Government contracts worth more than $200,000 to disclose their country of tax domicile, by supplying their ultimate head entity’s country of tax residence.
- Certain large multinational enterprises to publish selected tax information, on either a Country-by-Country (CBC) basis or an aggregated basis.
The Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Act 2024External Link received royal assent on 8 April 2024. This amended the Corporations Act 2001 by introducing new mandatory disclosures for inclusion in annual financial reports.
The Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024External Link received royal assent on 11 December 2024. This amended the Taxation Administration Act 1953 by introducing a public CBC reporting regime for certain large multinational enterprises.
For more information, see:
- Public Country-by-Country reporting
- Country of tax residency disclosuresExternal Link on the Treasury website
- Budget October 2022–23, Budget Paper No. 2: Budget MeasuresThis link will download a file – Treasury: Multinational Tax Integrity Package
- Consultation paper, August 2022 – Multinational Tax Integrity and Tax Transparency (PDF, 516KB)This link will download a file on the Treasury website
- Treasury paper – Summary of consultation process outcomes (PDF, 164KB)This link will download a file on the Treasury website.