TAXATION ADMINISTRATION ACT 1953

PART IA - ADMINISTRATION  

SECTION 3C   REPORTING OF INFORMATION ABOUT CORPORATE TAX ENTITY WITH REPORTED TOTAL INCOME OF $100 MILLION OR MORE  

3C(1)  


This section applies to a corporate tax entity for an income year if, according to information reported to the Commissioner in the entity ' s income tax return for the income year:


(a) the entity has total income equal to or exceeding $100 million for the income year and, at the end of the income year:


(i) the entity is not an Australian resident that is a private company for the income year; or

(ii) the entity is a member of a wholly-owned group that has a foreign resident ultimate holding company; or

(iii) the percentage of foreign shareholding in the entity is greater than 50%; or


(b) the entity has total income equal to or exceeding $200 million for the income year and, at the end of the income year, the entity is an Australian resident that is a private company for the income year.

An expression used in this subsection that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

3C(2)  
The Commissioner must, as soon as practicable after the end of the income year, make publicly available the information mentioned in subsection (3).

3C(3)  
The information is as follows:


(a) the entity ' s ABN (within the meaning of the Income Tax Assessment Act 1997 ) and name;


(b) the entity ' s total income for the income year, according to information reported to the Commissioner in the entity ' s income tax return (within the meaning of that Act) for the income year;


(c) the entity ' s taxable income or net income (if any) for the income year, according to information reported to the Commissioner in that income tax return;


(d) the entity ' s income tax payable (if any) for the financial year corresponding to the income year, according to information reported to the Commissioner in that income tax return.

3C(4)  


Subsection (5) applies if:


(a) the entity gives the Commissioner a notice in writing that the return mentioned in paragraph (3)(b) contains an error; and


(b) the notice contains information that corrects the error.

3C(5)  
The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error.

3C(6)  
To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure.




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