Australian Guidance Addresses New Company Tax-Disclosure Rules

Australia issued guidance Tuesday on what information companies must disclose in their new public country-by-country tax reports and how, as the deadline for the first filings draws near.

The Australian Taxation Office’s guidance includes summaries of the types of information the new reports must include, like revenue, profits, and taxes paid and accrued in 40 different jurisdictions. It also includes summaries of information in such areas as who qualifies as a parent entity of a company that should report, how reports should be submitted, and how to apply for exemptions from reporting.

The ATO previously issued guidance in March on ...