The ATO has released a consultation paper for comment on proposed administrative arrangements for reporting entity information as required by the tax secrecy and transparency measures in the Taxation Administration Act 1953.
The law was amended in 2013 via the Tax Laws Amendment (2013 Measures No 2) Act 2013 to require the Commissioner to publish certain taxpayer information. The ATO is required to report information about corporate tax entities with a total income of id=”mce_marker”00m or more. The total income, taxable income and income tax payable for these entities must be reported. The ATO is also required to report information about Minerals Resource Rent Tax (MRRT) and Petroleum Resource Rent Tax (PRRT) payable by an entity. These requirements apply in relation to information for the 2013-14 income year, MRRT year and year of tax (for PRRT), and following years.
The ATO expects to publish one annual report encompassing all relevant taxpayers, including all the information affecting income tax, MRRT and PRRT. The first publication is expected to be in late 2015. The exact form of the report has yet to be determined. The ATO says entities will have an opportunity to confirm the accuracy of their information before it is reported.
The consultation paper outlines the entities that will have their information reported, the information to be reported, confirmation of information by entities, and publication of the report (including how it will be published, and its timing).
COMMENTS are due by 10 April 2015.
[LTN 50, 16/3/15]