Exposure draft legislation is being released for consultation on a proposal to amend the income tax transparency laws to remove the obligation on the Commissioner of Taxation to publish certain tax information of Australian owned private companies with total income of at least $100 million.
Currently, section 3C of the Taxation Administration Act 1953 requires the Commissioner to publish for every corporate tax entity that reports $100 million or more in total income the entity’s reported:
- name and Australian Business Number;
- total income;
- taxable income or net income (if any); and
- income tax payable.
A number of submissions to the former Government’s discussion paper, Improving the transparency of Australia’s business tax system, noted that the information could adversely affect the privacy and personal security of the ultimate owners and market environments for private companies.
The Government is consulting on an amendment to this legislation to exclude Australian owned private companies from its scope.
The legislation would continue to apply to Australian public companies and foreign owned multinational enterprises operating in Australia.