The ALP’s proposed Public Registry of Ultimate Beneficial Ownership (PRUBO) – what are the likely practical implications for tax and other professionals?

Australia’s recent Federal Election campaign included only minimal tax-related announcements, with the majority contained in the ALP’s April 2022 policy release entitled ‘Labor’s Plan to Ensure Multinationals Pay Their Fair Share of Tax’ (2022 ALP Policy Announcement). Most measures announced are indeed relevant to large multinational groups (i.e. entities within groups with approximately $AUD 1 Billion or more in accounting revenue) and have been included in detail in our client training sessions since last week. Importantly, however, some policy measures of relevance to both large and small entities are also included in this announcement.

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