The Australia Labor Party yesterday released its tax policy in relation to multinationals through four key measures:
- changes to the thin capitalisation rules
- increased funding for the ATO to tackle corporate tax avoidance
- measures to the prevent use of hybrid structures to reduce tax, and
- improved transparency and data matching.
The Australian Labor Party will consider other measures such as increased penalties and powers for dealing with tax avoidance and country-by-country reporting, and will pursue increased transparency measures such as the bringing forward of the start date of the requirement for the Commissioner of Taxation to publish tax information for certain large companies.