Countdown to public country-by-country (CbC) reporting begins

Parliament approved the bill containing the public country-by-country (CbC) reporting legislation on 29 November 2024. As of 11 December 2024, the ATO published guidance on their website. No changes have been made to the legislation since its submission to Parliament in June this year. 

The legislation applies from financial years starting on or after 1 July 2024. Companies will have 12 months post year-end to submit the information required to the ATO. The ATO has confirmed the first information will be published on data.gov.au in late 2026, marking the countdown to more detailed tax transparency.  

See our previous article for further details of the new legislation.  

The ATO has confirmed that the final list of specified countries will be published in 2025. Data will be required to be published for these specified countries separately. The ATO is encouraging, but not requiring, companies to register for the public CbC reporting process. Extensions to submission dates will be possible, but the associated form and guidelines have yet to be released.  

We are encouraging all impacted companies to now consider what this initial public reporting will disclose to the public as well as the tax authorities. Strategic planning is crucial to navigate this new transparency requirement.  

How BDO can help 

For further assistance on preparation and strategic planning around this change, contact your local BDO adviser today.