Superannuation Tax Alert – July 2016 Special edition

Superannuation Tax Alert – July 2016 Special edition

The July 2016 special edition covers an overview of the Australian Country-by-Country (CbC) reporting rules, which first apply to qualifying superannuation funds from 1 July 2016.

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Australian Country-by-Country reporting rules

The July 2016 edition covers an overview of the Australian CbC reporting rules, which first apply to qualifying superannuation funds from 1 July 2016.

Australia was one of the first countries to enact Country-by-Country (CbC) reporting rules which require qualifying taxpayers (who are part of a group with more than A$1 billion in revenue) to file, or have filed on their behalf, a CbC report, Master File and Australian Local File with the Australian Taxation office (ATO).

These measures are part of the Organisation for Economic Co-operation and Development's (OECD's) Base Erosion and Profit Shifting (BEPS) Actions, specifically Action 13, Transfer Pricing Documentation and Country-by-Country Reporting, and will provide tax authorities with greater transparency over a multinational enterprises’ international operations.

In Australia, CbC reporting applies to income years commencing on or after 1 January 2016. Although the CbC reporting regime is targeted at multinational enterprises, super funds can be caught by the wide qualifying criteria. As such, super funds with more than A$1 billion of revenue are prima facie subject to the CbC reporting rules from 1 July 2016.

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