Australia Country-by-Country Tax Reporting Is Officially Law

Australia adopted its country-by-country corporate reporting regime into law Wednesday following the transparency program’s recent passage by Parliament.

Companies earning at least A$10 million annually in Australia and 41 other countries will now have to report global revenue and corporate structure information under the law, which received royal assent, the Australian Taxation Office said on its website.

Royal assent is the governor-general’s approval of legislation and formally turns legislation into law.

Multinationals will have to report revenue from related parties and unrelated third parties alongside global tangible assets and explanations of how companies are complying with foreign tax laws. The ...