Today, the Albanese Government's determination of specified jurisdictions for Australia's world leading Public Country by Country tax transparency regime has been published on the Federal Register of Legislation.
Primary legislation to put in place a Public Country by Country reporting register passed Parliament on 29 November. That legislation set out the annual tax data that affected entities will be required to report from 1 July 2024. The Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024, registered today, sets out the jurisdictions for which an entity must publish disaggregated (country‑level) information.
With this determination in place, the government has delivered on our election commitment to increase tax transparency and added momentum to global campaigns to increase corporate accountability for tax strategies.
Public Country by Country reporting significantly strengthens global corporate tax transparency and fulfils the Government's election commitment to strengthen multinational tax integrity and transparency.
Large multinationals subject to Australia's world‑leading Public Country by Country reporting regime will need to publish certain tax information for the jurisdictions they operate in - including the amount of tax paid. Australia's public register builds on advances made in the EU and will set the standard for corporate tax transparency.
This information improves the public debate on the appropriateness of current multinational taxation settings and complements global trends towards greater tax disclosures.
In finalising the list of specified jurisdictions, the Albanese Government has been careful to ensure it reflects current trends of multinationals operating in Australia and the arrangements and volume of cross‑border financial activity these entities engage in with related entities of the multinational group.
The legislation has undergone extensive stakeholder consultation and Parliamentary scrutiny. This has ensured our reporting recognises commercial sensitivities, compliance burdens and global trends in Public Country by Country reporting, while still delivering a world‑leading tax transparency reform that will benefit tax authorities, civil society, and investors.
