ATO Country by Country reporting rules

by

Ed.

From williambuck.com: On January 1, 2025, the ATO implemented stricter Country-by-Country reporting rules, significantly reducing the number of exemptions available to multinational enterprises.

MNEs must now file a local file, master file, and CbC report to comply, with limited exemptions covering specific cases like Australian-only operations or corporate restructuring.

The requirement for all Australian CbC reporting entities to submit a local file regardless of inter elated party dealings, introduces further compliance obligations and potential penalties for failure to adhere.

Filed under: Big Business