Australian Taxation Office

New or updated materials on ATO website, including:

Multinational Tax Avoidance and Tax Transparency

The Australian Greens have this morning announced that the Government will support two Greens amendments to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, which proposes to give effect to a package of measures announced in the 2015-16 Federal Budget to combat multinational tax avoidance, to secure passage of the Bill. The two amendments are:

  • multinational corporations with global revenue of $1 billion or more will be required to prepare "general purpose" financial statements, and
  • the exemption from the tax transparency measures for private companies with revenue over $200 million will be removed.

New Bills to be introduced this morning

The following new Bills are scheduled to be introduced into the House of Representatives this morning:

  • Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2015
  • Tax and Superannuation Laws Amendment (2015 Measures No. 6) Bill 2015
  • Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015