We’ve updated our Global and domestic minimum tax webpage to include new guidance on the transitional country-by-country (CBC) reporting safe harbour.
This guidance will help you determine whether the transitional CBC reporting safe harbour applies and how it may simplify your Pillar Two compliance obligations.
What’s included in the update
This guidance now includes an overview of the transitional CBC reporting safe harbour, including:
- conditions for access
- effects of applying the safe harbour
- the transition period it applies to.
It also covers how to apply the 3 transitional CBC reporting safe harbour tests:
The new web guidance includes information on data sources, including:
- what data can be used when applying the safe harbour
- information on qualified CBC reports and qualified financial statements.
If you elect to apply the transitional CBC reporting safe harbour
As part of our compliance engagement approach for Pillar Two, we may request you to provide information to confirm your eligibility. For example, information confirming that the amounts used for the relevant transitional CBC reporting safe harbour computations are either sourced from:
- qualified CBC reports
- qualified financial statements.
You can visit Transitional CBC reporting safe harbour for more information.
Looking ahead
We’ll continue to expand our web guidance in the coming months, including new content on Pillar Two interactions with the tax consolidation regime.
To provide feedback on priority issues your organisation is facing, or if you have any technical questions or need support, email us at Pillar 2 Project.
For all the latest updates on Pillar Two, visit ato.gov.au/Pillar2.
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