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Following the introduction of the public CBC reporting regime in Australia, the ATO is committed to ensuring clear and effective guidance on its administration.
One key component of this regime is the exemption process, which allows certain entities to apply for full or partial exemptions from public reporting requirements under specific circumstances.
To support the fair and transparent administration of exemptions, we are developing a draft Practice Statement (PSLA) to outline the criteria, evidence requirements, and decision-making framework. The PSLA will outline the Commissioner of Taxation’s approach to proposed public CBC reporting exemptions in the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024. The guidance will include:
- the process for submitting applications
- information that should be provided with applications
- considerations relevant to the exercise of the discretion sought.
This initiative builds on feedback received during the consultation process for the drafting of the public CBC reporting and aims to provide clarity and certainty to affected multinational entities (MNEs).