Multinational Companies Face New Reporting Requirements In Australia
What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:
- As MSCI’s partners at the S-Corp Association have reported, the Australian Tax Office (ATO) will require all companies, no matter where they are domiciled, with revenues exceeding $1 billion (AUD) worldwide and do at least $10 million (AUD) business in Australia to report certain tax information to the ATO. These reports are due as early as July 1, 2026 and must include the country-by-country public disclosure of revenue, profits, revenue from third parties, revenue from related parties outside the jurisdiction, employees, taxes paid and accrued, book value of tangible assets, and differences between income tax accrued and profit, multiplied by the tax rate. Companies that do not comply or submit incorrect reports will face annual fines up to $825,000 (AUD). Read more at this link.