Corporate tax transparency report for 2013-14 – Australian-owned resident private companies

As a result of amendments to corporate tax transparency laws, the ATO has published the tax information of over 300 Australian-owned resident private companies.

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.

In this latest release, the report includes resident private entities reporting 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.

We will release data relating to both Australian-owned resident private companies and public and foreign-owned corporate tax entities concurrently in the future.

As with the December report relating to large public and foreign owned corporates, there are some taxpayers in this report with nil tax payable for the reporting period. No tax paid does not necessarily mean tax avoidance.

The report is part of a broader domestic and global push for improved corporate transparency and serves to inform public debate about tax policy.

The following were published:

  • name (as shown on tax return)
  • ABN
  • total income
  • taxable income
  • tax payable
  • amounts of PRRT and MRRT payable (where applicable).

Private companies are often connected with privately owned wealthy groups. The ATO risk-assesses the entire privately owned and wealthy group population to ensure these companies, and the entities or groups they are linked to, comply with their tax obligations. While most do the right thing, we engage directly with these clients to understand their tax position and undertake further investigation and take action where we identify significant risk.

    Last modified: 23 Mar 2016QC 48553