6 June 2013

Tax transparency bill passes House of Representatives

Australia is one step closer to improving the transparency of tax payable by large corporate entities with the passage of legislation through the House of Representatives this morning.

"Australia is proudly one of the leading nations in the push to improve tax transparency," said Assistant Treasurer David Bradbury.

"Improving the transparency around the tax payable by large corporate entities will help to inform the debate and discourage aggressive tax minimisation practices."

These amendments will ensure:

  • the Commissioner of Taxation will be required to publish the tax payable of corporate taxpayers with accounting incomes of $100 million or more a year, and the resource rent tax liabilities of entities subject to the MRRT or PRRT.
  • the publication of aggregate collections for each Commonwealth tax; and
  • enhanced information sharing between Government agencies.

Improving tax transparency is part of the Government's broader agenda to crack down on multinational profit shifting and tax avoidance.

"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," said Mr Bradbury.