Amendments to the income tax transparency laws
The Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Act 2015External Link, which received Royal Assent on 12 November 2015, amended the law to carve-out Australian-owned private companies from the corporate transparency measure in section 3C of the Taxation Administration Act 1953, which requires the Commissioner to publish certain income tax information about corporate tax entities with a total income of $100 million or more.
On 3 December 2015 the Senate amended the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015External Link to require the Commissioner to report certain information about Australian-owned private companies with a total income of $200 million or more. The Bill, as amended, received Royal Assent on 11 December 2015.
This amendment does not affect the Commissioner's legislative duty to report information about other corporate tax entities with a total income of $100 million or more. The report for these entities will be published in the week commencing 14 December 2015.
We will be writing to Australian-owned private companies affected by this amendment in January 2016 to verify their 2013-14 income year information in preparation for publication, likely to be in March 2016.
Legislation and supporting material
Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Act 2015:
Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015:
Tax transparency - reporting of entity tax information
The law was amended on 12 November 2015 to exclude Australian-owned private companies from the requirement to publish their income tax information. An amendment to the original amendment was enacted on 11 December 2015.