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Australia Announces Voluntary Tax Code Framework

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

24 August 2016


The Australian Taxation Office (ATO) has made available its new voluntary tax transparency code (TTC), a set of principles and minimum standards for adoption by medium and large companies.

The TTC was developed by the Board of Taxation, and is to be administered by the ATO. Adoption of the TTC is voluntary, and intended to complement Australia's existing tax transparency measures. Through the TTC framework, companies are encouraged to be more transparent, particularly in relation to their international tax affairs, to improve the public's understanding about how they comply with Australia's tax laws.

The minimum standard of information required under the TTC depends on the size of the business. A "medium business" is a business with aggregated TTC Australian turnover of at least AUD100m (USD79.97m) but less than AUD500m. A "large business" has an aggregated TTC Australian turnover of AUD500m or more. Businesses may elect to satisfy the minimum standards of the TTC by publishing improved disclosures of tax information in their general purpose financial statements, a Taxes Paid report, or another document; there is no prescribed template or format for TTC content.

There is no set timing for the release of annual TTC reports. However, the ATO is encouraging companies with a June 30 year-end to adopt the TTC for the year ended June 30, 2016.

TAGS: compliance | tax | business | tax compliance | revenue guidance | law | Australia | multinationals | standards

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