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At a glance
- Australia’s PCbCR regime passed Parliament in late November 2024, without amendment to the Bill introduced in June 2024, and has received Royal Assent.
- The final legislative instrument which lists the specified jurisdictions for disaggregated reporting under the regime has now been published.
- The list of jurisdictions largely remains unchanged from the February 2024 draft list with only Liechtenstein removed and no additions.
- The PCbCR rules are very wide in scope and groups must understand now if they will be subject to the disclosures. This includes both Australian and Multinational companies and some partnerships and trusts.
The final legislative instrument which lists the specified jurisdictions for disaggregated reporting under Australia’s public country-by-country reporting (PCbCR) regime has now been published.
The list of jurisdictions largely remains unchanged from the February 2024 draft list with only Liechtenstein removed and no additions. Notably Hong Kong, Singapore and Switzerland remain on the list.
The regime passed Parliament in late November 2024, without amendment to the Bill introduced in June 2024, and has received Royal Assent . It applies to financial reporting periods commencing on or after 1 July 2024.
Further details are in our Tax Alert.