Why
In an effort to promote international corporate tax transparency, the Australian Government requires certain multinational enterprises to publish group financial and tax information in a certain format to the Australian Taxation Office (ATO). This information will be later published on a publicly available website.
Who
The public CbCR regime applies to a parent of a multinational group that meets certain criteria including:
- Group has Annual Global Income of $1 Billion (AUD) or more
- $10 Million (AUD) or more was Australian sourced income
- A member of the group is an Australian tax resident, or has a permanent establishment in Australia
Australian subsidiary companies belonging to these groups must already provide certain information (CbC local files) to the ATO each year. The public CbCR regime is in addition to that and applies to the parent entity.
When
The public CbCR regime applies to income years starting on or after 1 July 2024 and requires filing a report within 12 months of the end of the financial year.
