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Tax Transparency Bill Through Australian House

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

06 June 2013


The Australian House of Representatives has passed legislation that would see the tax affairs of big businesses made public.

Lawmakers gave the Tax Laws Amendment (2013 Measures no. 2) Bill 2013 their backing just days after Assistant Treasurer David Bradbury released details of its contents. Welcoming the news, Bradbury said: "Australia is proudly one of the leading nations in the push to improve tax transparency. Improving the transparency around the tax payable by large corporate entities will help to inform the debate and discourage aggressive tax minimisation practices."

If the bill makes it through all the necessary legislative stages, it will require the Commissioner of Taxation to publish the tax payable of all corporate taxpayers with annual accounting incomes of AUD100m (USD95.85m) or more, and of entities subject to the minerals or petroleum resource rent taxes. Collection figures for each Commonwealth tax will also be made public, and Government agencies will be given enhanced information sharing powers.

"The Gillard Government is committed to ensuring that large multinational companies pay their fair share of tax so that families, pensioners and small businesses do not have to take on a higher burden of taxation in the future," Bradbury added.

TAGS: compliance | tax | small business | business | tax compliance | tax avoidance | accounting | corporation tax | Australia | ministry of finance | tax authority | legislation | tax planning | tax rates | tax reform

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