Many large corporate groups consist of smaller income tax reporting entities whose aggregated total income meets the transparency population income thresholds. However, if these entities are not consolidated for tax purposes, some or all of the entities may not individually meet the income threshold for inclusion in the report. The complexity and diversity of large corporate groups means that income may be distributed and returned by multiple entities.
While a number of names on the list in the report on entity tax information may be recognisable to the public, and any links to high profile individuals may be the subject of public knowledge, the confidentiality provisions of the tax law prevent us from disclosing some types of information. This means we cannot include details of the income and tax paid by other related entities. Taxpayers are, of course, able to disclose additional information at their own discretion – for example, through the Board of Tax Voluntary Tax Transparency Code.
The industry classifications used in this report are necessarily broad and based on internal ATO criteria. Recent improvements to industry classification methodology have resulted in slight differences to previously published figures. Industry information presented is indicative only.
Entities subject to the $100 million income threshold include those with a reported foreign shareholding percentage on the company tax return of greater than 50% and those classified as an ‘Australian public’ entity. The ‘Australian private’ segment consists of private Australian entities that have total income of $200 million or more.
Figures in this report have generally been rounded, which may result in differences between totals and sums of components in the charts and text.