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The Australian government has released draft legislation to implement a proposed new measure requiring public companies to publicly disclose information about their subsidiaries. If the draft legislation becomes law, Australian public companies (listed and unlisted) would be required to publish a ‘consolidated entity statement’ that contains additional information about their subsidiaries including tax residency, ownership breakdown and entity type. The new measures will apply to financial years commencing on or after 1 July 2023.

Disclosures must be made available within the company’s annual financial report published on their website. This measure will place an onus on public companies to be more transparent about their corporate structures.