The beginning of the financial year means for the first time in Australia the public will see previously unreleased tax reports produced by multinational taxpayers.
These documents, known as country-by-country reports, or CbCR for short, contain information about the tax practices of large Australian businesses and foreign businesses operating in Australia. This information, previously only available to the taxpayer and the Australian Tax Office, will be made public.
Country-by-country reports, announced in the October 2022-2023 budget, were introduced with other measures designed to improve corporate tax behaviour. The reports will be released from this week as part of corporate reporting practices. Multinationals have 12 months to comply.
Professor Kerrie Sadiq, CDWI researcher in the QUT Business School, discussed how CbCR work and the potential benefits, in a recent article co-written with Dr Rodney Brown (UNSW Sydney) in The Conversation.
You can read the article in The Conversation here.