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Today’s Top Headlines




Australia Publishes Tax Transparency Legislation

by Mary Swire, Tax-News.com, Hong Kong

03 June 2013

Large businesses' corporate tax dealings look set to be published by the Australian authorities after legislation was introduced to implement a major overhaul of privacy provisions.

Announcing the publication of the Tax Laws Amendment (2013 Measures no. 2) Bill 2013, Assistant Treasurer David Bradbury said that the reforms form "part of the Government's broader agenda to crack down on multinational profit shifting and tax avoidance."

Under the changes, the Commissioner of Taxation will be required to make public the tax payable by corporate taxpayers with accounting incomes of AUD100m (USD96.5m) or more a year, and the resource rent tax liabilities of entities subject to the Mineral Resource Rent Tax or the Petroleum Resource Rent Tax. The aggregate collections for each of Australia's taxes will also be revealed, and Government agencies will need to enhance their information sharing practices.

Bradbury hopes that "improving the transparency around the tax payable by large corporate entities will help to inform the debate and discourage aggressive tax minimization practices."

TAGS: compliance | tax | business | tax compliance | tax avoidance | law | accounting | corporation tax | Australia | enforcement | ministry of finance | tax authority | legislation | tax planning | revenue statistics | tax reform

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