The Australian Taxation Office (ATO) has published guidance that provides an outline of the general principles and processes the ATO will take in relation to exempting a particular significant global entity (SGE) from some or all of its Country-by-Country (CbC) reporting obligations, which also includes master file and local file requirements. SGEs are members of groups with annual consolidated revenue meeting an AUD 1 billion threshold.
In general, exemptions are only available for SGEs tha…