• Tax transparency reporting kicks off

As part of the first wave of the Tax Transparency measures, in December 2015 the ATO released its first report revealing tax information for corporate entities with a total income of over $100 million for the 2013-14 income year.

The report revealed the names of 579 major corporations which paid no income tax in the 2013-14 financial year.

Exemptions apply to Australian-owned resident private companies not wholly owned by a foreign holding company (or more than 50% owned by foreign shareholders) with a total income of less than $200 million. Trusts with turnover greater than $200 million will still be exempted from any disclosure requirements.

A reporting cut-off date of September 2015 was given to affected companies to ensure the information in their tax returns was correct before the information taken from them was made public.

Further details are available here

A summary of the report can be found here

Next article: New South Wales and the Australian Capital Territory update