The Australian Taxation Office (ATO) published additional guidance for taxpayers who are (or will be) subject to the country-by-country (CbC) reporting regime. The guidance outlines how taxpayers can apply for a specific exemption from some or all the CbC reporting obligations and also the general principles that the ATO will take into account in making its decision. It applies for taxpayers that are Australian subsidiaries of overseas multinational enterprises (MNEs) as well as Australian-based MNEs. This exemption guidance is part of a larger tranche of guidance that the ATO is releasing to assist taxpayers to comply with the CbC reporting regime.
Taxpayers affected by this guidance need to consider the following key points.
Affected taxpayers need to consider their facts and circumstances and determine whether an exemption request would be appropriate, particularly given the potential to reduce compliance costs.
For more information, contact a tax professional with KPMG’s Global Transfer Pricing Services practice in Australia:
Jane Rolfe | +61 3 9288 6341 | email@example.com
Aaron Yeo | +61 3 9288 6024 | firstname.lastname@example.org
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