Australia Adopts Country-By-Country Reporting Regime

Australian lawmakers passed Friday a bill enacting country-to-country reporting.

The government majority approved the bill, which will introduce CBC reporting for companies earning at least A$10 million ($6.49 million) annually in Australia and about 41 other countries to report on their international revenue and corporate structures.

• Australia’s CBC public reporting regime is modeled on the Global Reporting Initiative tax standard, which some multinational companies are already using to report their country by country revenue against.
• Reporting will be mandatory for Australian companies backdated from July 1, 2024, and for US-listed companies starting Jan. 1, 2025.
• The government is yet to ...