Australia: Corporate tax transparency data to be published
Announcement advising certain corporate tax entities that their tax information may soon be published in an annual report
Tax information may soon be published in an annual report
The Australian Taxation Office (ATO) on 17 August 2021 issued an announcement advising certain corporate tax entities that their tax information may soon be published in an annual report of entity tax information.
The ATO is legally required to publish certain tax information about corporate taxpayers that are:
- An Australian public or foreign owned entity with a total income of $100 million* or more
- An Australian resident private company with a total income of $200 million or more
- An entity reporting petroleum resource rent tax (PRRT) payable
The information to be published is extracted from the taxpayer’s tax returns including the company's:
- Australian business number (ABN)
- Total income
- Taxable income
- Total tax payable
- PRRT amount payable (if applicable)
The ATO also reported it will publish details of 2017-18 and 2018-19 income tax returns if they were filed or processed after 1 September 2020 and not published previously.
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