A Treasury discussion paper released on Wed 3.4.2013, proposes that large corporate entities would be required to disclose tax payable. The Assistant Treasurer said the discussion paper follows the Government’s earlier announcement that it intends to change the tax laws to improve the transparency of Australia’s business tax system. A copy of the discussion paper is on the Treasury website.
The discussion paper sets out details of 3 specific proposals:
- transparency of tax payable by large and multinational businesses with total income of id=”mce_marker”00m or more per year, or entities with MRRT or PRRT liabilities;
- publishing aggregate collections for each Commonwealth tax; and
- enhanced information sharing between Government agencies.
The information, which is already provided to the ATO, would be made publicly available by the Commissioner of Taxation.
COMMENTS on the discussion paper are due by 24 April 2013.
Source: Assistant Treasurer’s press release No 040, 3 April 2013
[LTN 59, 27/3/13]