Australia Seeks Feedback on Guide for Tax Reporting Exemptions

The Australian Taxation Office opened a public comment period to finesse draft instructions for staff who handle requests for exemptions from new corporate tax information reporting rules.

The ATO’s proposed Law Administration Practice Statement, released Thursday, details requirements officials must follow in deciding public country-by-country reporting exemptions. Feedback will be taken until Sept. 5, and a public consultation will be held in August, Sarah Welch, an assistant commissioner with the ATO, said in a social media post.

Disclosure legislation enacted in November requires large multinationals with at least A$10 million ($6.5 million) in Australia-source revenue to file information on ...