Australia: Country-by-country reporting, public disclosure, other transparency measures passed

Australia’s Parliament on 2 December 2015 concluded legislative action for this calendar year, with the following outcomes in respect of a number of major tax developments:

•  The multinational anti-avoidance rule—Australia’s “de facto” diverted profits tax regime—was passed by Parliament. There are two amendments that: (1) require the Australian businesses of multinational corporations with global income of A$1billion (U.S. $730 million) or more to prepare general purpose financial statements; and (2) end an exemption for Australian owned private companies with annual income of A$200 million (U.S. $146 million) or more from the public disclosures of tax return data by the Australian Taxation Office (ATO).
•  The country-by-country reporting regime was passed by Parliament.
• Tax laws governing the ATO public disclosures of tax return data have been amended to include Australian owned private companies with annual income of A$200 million (U.S. $146 million) or more.
• Australian businesses of multinational corporations with global income of A$1 billion or more will be required to prepare general purpose financial reports for years commencing on or after 1 July 2016.

Read a December 2015 report prepared by the KPMG member firm in Australia: Australia’s Multinational Anti-Avoidance law and other tax transparency measures