Australia Launches Consultation on New Financial Statement Submission Requirements for Large Multinationals

The Australian Taxation Office has launched a public consultation on the new requirement to submit general purpose financial statements by the due date of the tax return, unless already required to submit with the Australian Securities and Investments Commission. The requirement was introduced in the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 ({News-2015-12-08/A/2- previous coverage}) and applies for income years beginning on or after 1 July 2016 for corporate tax en…