Australia Introduces Combating Multinational Tax Avoidance Bill including New Anti-Avoidance Rules and CbC Reporting

On 16 September 2015, Australia's Treasurer Joe Hockey presented to Parliament the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015. The bill includes four main measures (schedules):

• The definition of significant global entities;
• The multinational anti-avoidance law;
• The scheme penalties for significant global entities; and
• Country-by-country (CbC) reporting

Significant Global Entities

The new anti-avoidance law, penalties and CbC reporting will apply to "significan…