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An overview by Corrs Chambers Westgarth, Taxand Australia
Large multinational companies in Australia are about to face new transparency rules, with public Country-by-Country Reporting obligations expected to take effect in the coming months. Large multinationals are required to disclose detailed tax and financial information on a jurisdiction-by-jurisdiction basis, which will be published to the world at large. Penalties can apply for failing to meet publishing deadlines or correct errors promptly.
Some entities are exploring exemptions, although these are granted sparingly and only in exceptional circumstances at the Australian Taxation Office’s discretion. With applications assessed case by case and requiring strong supporting evidence, early engagement will be key, particularly given the growing demand and the likelihood of longer review timelines.
Rhys Jewell and Angelina Lagana from our Australian member firm Corrs Chambers Westgarth provide a detailed overview of what the regime means for multinationals here.
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