The first Public CBC reports are out, and Australia consults on the side-by-side safe harbour.

The ATO's first release covers 382 groups, 68 per cent with a 30 June year end. Most 31 December groups will be in the next release, now due by 29 January 2027.

Treasury's tranche 4 draft would add both safe harbours to the minimum tax rules, based on OECD Administrative Guidance. The ATO says the United States is currently the only qualified regime.

Kenya extended its first notification to 30 November. Belgium's postponed returns and notifications are due on 16 November. Oman extended its top-up tax law to the OIFC.

Draft PCG 2026/D5 sets lower-risk and higher-risk categories for successive rollovers, including examples involving consolidation. It is proposed to apply before and after issue.

On 12 November 2026 the ATO published the first tranche of public country-by-country (Public CBC) reports, for reporting periods starting on or after 1 July 2024. The data is a spreadsheet on data.gov.au covering 382 groups, mainly from reports received by 1 October 2026. Of these, 260 (68 per cent) have a 30 June year end and only two have a 31 December year end; 53 per cent are Australian-parented and 18 per cent US-parented. The ATO says many foreign-owned groups with a 31 December year end will be in the next release, and that the first tranche should not be viewed as a complete picture. The statements on approach to tax vary widely: the median is about 2,750 characters against the 5,000-character limit, 37 groups used almost all of it and 17 used fewer than 500. For 76 groups the rest of the world line is blank or zero. For 31 December 2025 reporting periods, the ATO has automatically deferred the due date for giving the report to the ATO from 31 December 2026 to 29 January 2027.

Groups with a 31 December year end can use the first release as a benchmark, particularly for the statement on approach to tax, where practice is not yet settled. It would be sensible to allow for the 29 January 2027 date in the January close, and to check how the group's jurisdictional data will read alongside its transfer pricing documentation and the October 2026 Corporate Tax Transparency report.

The first release in numbers

On 12 November 2026 Treasury opened consultation on tranche 4 of the amending legislation for the global and domestic minimum tax, publishing a draft instrument and explanatory statement. The draft would add a side-by-side safe harbour, so that the US tax system can operate alongside the Pillar Two rules, and an ultimate parent entity (UPE) safe harbour limiting where the undertaxed profits rule can apply in certain circumstances. It would also track deferred tax liabilities subject to the recapture rule, clarify how CFC taxes are allocated where the CFC is tax transparent, and recognise that natural persons can own flow-through UPEs. Treasury says the changes are based on OECD Administrative Guidance. Separately, the ATO updated its minimum tax pages on 9 November 2026. They link the OECD's revised GloBE Information Return (September 2026), which incorporates the side-by-side package, and the October 2026 XML schema. The ATO notes that the United States is currently the only jurisdiction with a qualified side-by-side regime, that adoption of the safe harbour is a matter for government, and that it does not affect the domestic minimum tax or its return.

US-parented groups with Australian entities may wish to review the draft and consider a submission before 26 November. The safe harbour would apply only to fiscal years starting on or after 1 January 2026, so lodgments for 2024 and 2025 years are unaffected; the ATO says the first affected returns are generally due from March 2028.

Kenya's revenue authority issued a public notice on 9 November 2026 moving the initial notification under the Income Tax (Minimum Top-Up Tax) Regulations, 2026 from 17 November to 30 November 2026. The notification covers the group name, the UPE's jurisdiction and the Kenyan constituent entities with their PINs. In Belgium, the tax administration's pages confirm that domestic top-up tax returns, IIR returns and GIR filing entity notifications for the specified fiscal years are postponed to 16 November 2026, and no further extension had been announced as at 12 November. In Oman, Royal Decree No. 105/2026, reported on 10 November, applies the Complementary Tax Law (Royal Decree No. 70/2024) to multinational group entities in the Oman International Financial Centre. It takes effect the day after publication in the Official Gazette.

Groups with Belgian entities whose 2024 fiscal year, or a short 2025 year, is covered and that have not yet filed should treat Monday 16 November as the working deadline. Groups with Kenyan or OIFC entities should update their compliance calendars.

The ATO issued draft PCG 2026/D5 on 11 November 2026. It sets out lower-risk and higher-risk categories for arrangements involving two or more successive CGT rollovers (paragraphs 1 and 2). The ATO is concerned where an initial rollover is an intermediate step that appears to have a purpose of creating the circumstances in which a later rollover can be accessed (paragraph 11). Higher-risk indicators are at paragraph 23. Examples 3 and 4 involve Subdivision 124-M, Division 615, Subdivision 122-A and the tax cost setting rules on forming a consolidated group, producing a higher cost base or higher capital allowance deductions (paragraphs 62 to 84). When finalised, the guideline is proposed to apply to arrangements entered into before and after its issue (paragraph 10). Comments close on 11 December 2026.

Groups planning a restructure that uses successive rollovers, particularly one followed by consolidation, may wish to test it against paragraph 23 and keep records of the commercial reasons for each step (paragraphs 85 and 86). The draft should be read alongside the High Court's decision in Merchant, which we covered last week.

Pereira Consulting is an independent tax advisory practice founded by Neil Pereira, advising multinational groups operating into and out of Australia on international tax, Pillar Two readiness, transfer pricing, anti-avoidance, ATO disputes and corporate income tax compliance. Neil is a Chartered Tax Adviser, Registered Tax Agent and Solicitor.

Disclaimer. This newsletter is general information only and does not constitute tax or legal advice. It is current as at the issue date. Pereira Consulting accepts no liability for any decision made in reliance on its contents. Please contact Neil Pereira to discuss the application of these developments to your specific circumstances.