ATO to release private company tax info in March

On 18 January 2016, the ATO published the following on its website.

‘Recent changes to the law requires us to publish income tax information for Australian-owned resident private companies who report a total income of $200 million or more. Reporting will start for the 2013–14 financial year onwards.

We recently wrote to affected companies, and asked them to check their information and tell us if it was incorrect.

The information for these companies will be:

• taken directly from their tax return, and will include amendments requested before the reporting cut-off date (1 September 2015)
• published in March 2016 in the Corporate Report of Entity Tax InformationExternal Link
.

Where a company reports a tax loss for the year, the taxable income and tax payable fields in the report will be left blank.

See also:

• Amendments to the income tax transparency laws
• Tax transparency.’

[ATO website] [LTN 10, 18/1/16]