On Tue 22.3.2016, the ATO published certain tax information of 321 Australian-owned resident private companies. The report – 2013-14 Corporate Report of Entity Tax Information – is part of a broader domestic and global push for improved corporate transparency and is designed to serve to inform public debate about tax policy. To access the private companies data, click on the report and then scroll down the page and select the “March” tab at the bottom of the Excel spreadsheet.
The 321 companies reported income tax payable of around $2 billion in 2013-14, with an additional $1.6 billion reported by their associated entities. The Commissioner said that since 2013, more than half of the private companies in the report and/or their associated groups have been subject to some form of ATO engagement to seek further explanation and understanding of their tax position. Of these engagements, Mr Jordan said about 25% resulted in additional assessments of over $531 million in liabilities.
The following information was published:
- name (as shown on tax return);
- ABN;
- total income;
- taxable income;
- tax payable;
- amounts of PRRT and MRRT payable (where applicable).
The report includes entities with a total income of $200 million or more in 2013-14. As required by law, the figures in the report are taken directly from tax return labels, or amendments advised by taxpayers themselves before 1 September 2015. The report follows the release of similar data on 17 December 2015 relating to large corporate taxpayers with a total income of $100 million or more in 2013-14.
The ATO notes that, as with the December report relating to large public and foreign owned corporates, there are some taxpayers in the private companies report with nil tax payable for the reporting period. “No tax paid does not necessarily mean tax avoidance”, the ATO said.
In future, the ATO says it will release data relating to both Australian-owned resident private companies and public and foreign-owned corporate tax entities concurrently.
[LTN 55, 22/3/16] [Related TT article]