Treasury Laws Amendment (Making Multinationals Pay Their Fair Share - Integrity and Transparency) Act 2024 (23 of 2024)

Schedule 1   Multinational tax transparency - disclosure of subsidiaries

Corporations Act 2001

2   After subsection 295(3)

Insert:

Consolidated entity disclosure statement

(3A) The consolidated entity disclosure statement for a public company's financial report for a financial year is:

(a) if the accounting standards require the public company to prepare financial statements in relation to a consolidated entity - a statement that includes the following information for each entity that was, at the end of the financial year, part of the consolidated entity:

(i) the entity's name (if any) at that time;

(ii) whether, at that time, the entity was a body corporate, partnership, or trust;

(iii) whether, at that time, the entity was a trustee of a trust within the consolidated entity, a partner in a partnership within the consolidated entity, or a participant in a joint venture within the consolidated entity;

(iv) if the entity is a body corporate - the place at which the entity was incorporated or formed;

(v) if the entity is a body corporate with a share capital - the percentage of the entity's issued share capital (excluding any part that carries no right to participate beyond a specified amount in a distribution of either profits or capital) that was held, directly or indirectly, by the public company at that time;

(vi) whether, at that time, the entity was an Australian resident (within the meaning of the Income Tax Assessment Act 1997) or a foreign resident (within the meaning of that Act);

(vii) if the entity was a foreign resident as described in subparagraph (vi) - a list of each foreign jurisdiction in which the entity was, at that time, a resident for the purposes of the law of the foreign jurisdiction relating to foreign income tax (within the meaning of that Act); or

(b) if paragraph (a) does not apply - a statement to that effect.