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Australian Parliament Passes Anti-Avoidance and Transparency Measures

Australian Parliament Passes Anti-Avoidance..

Global Tax Adviser, December 15, 2015 . Australia's Parliament has just passed several anti-avoidance, transparency and country-by-country tax measures. As a result, Australia's Parliament concluded this calendar year with a number of major tax developments, including:

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  • A new multinational anti-avoidance rule (i.e., Australia's "de facto" diverted profits tax regime) expected to apply starting January 1, 2016
  • A new country-by-country reporting regime effective January 1, 2016
  • Amendments to tax laws governing the Australian Taxation Office (ATO) public disclosures of tax return data to include Australian-owned private companies with an annual income of A$200 million or more 
    • This information is expected to be included in the 2014-15 report. The 2013-14 report will be published in December 2015
  • A new requirement for Australian businesses of multinational corporations with global income of A$1 billion or more to prepare general purpose financial reports for years commencing on or after July 1, 2016

For more information, contact your KPMG adviser.

Disclaimer

Information is current to December 15, 2015. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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