Australian CbC Reporting and S-Corps, Continued
The S Corporation Association today sent a letter to the Australian Tax Office (ATO) building on our ongoing discussions regarding how Australia’s proposed Country-by-Country (CbC) reporting rules could affect S corporations operating in the United States.
By way of background, Australia is in the process of implementing new CbC reporting requirements they say will provide greater transparency for multinational companies doing business in the country. These rules would apply to sizable companies doing business in Australia, including large S corporations.
S corporations are pass-through entities, however, taxed at the shareholder rather than the entity level, and therefore do not pay …
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