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:

  • Name
  • 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.

*$=Australian dollar

 

 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.