Australia: Law requiring public disclosure of tax residency passes Parliament
New public disclosure requirements of tax residency for public companies passed both houses of Parliament
Law requiring public disclosure of tax residency passes Parliament
New public disclosure requirements of tax residency for public companies contained in the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill 2023 passed both houses of Parliament on 27 March 2024.
The bill is likely to receive Royal Assent by 30 June 2024.
- Under the new law, Australian public companies would be required to report subsidiary information, including tax residence, in their annual financial statements.
- In addition, the existing declaration of the directors under the Corporations Act 2001 would be expanded to include a declaration that the disclosures are in their opinion “true and correct” (versus the current “true and fair” standard) at the end of the financial year.
The new requirements would apply to financial statements prepared by public companies for each financial year commencing on or after 1 July 2023.
Read an April 2024 report prepared by the KPMG member firm in Australia
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