Australia Tax Agency Updates Guidance on Public CbC Reporting Requirements

The Australian Taxation Office Dec. 10 updated guidance on public country-by-country (CbC) reporting requirements. The updated guidance includes measures to: 1) require covered multinational entities to publish tax information for CbC reporting purposes; 2) apply the reporting obligations to corporations, partnerships, or trusts considered members of a CbC reporting group; 3) specify the conditions that must be met for the reporting entities, including an aggregated turnover from Australian sources of A$10 million (US$6.4 million) or more; 4) submit the CbC report electronically within 12 months after the end of the relevant reporting period, and correct any material errors and report ...