13 Dec 2018 Corporate tax transparency tax gap released
The ATO has published information about Australia’s corporate tax system, which continues to build a picture of the tax affairs of the largest companies operating in Australia.
Second Commissioner Jeremy Hirschhorn said the corporate tax transparency report for 2016-17 includes certain tax information of around 2,100 large companies operating in Australia who paid $45.7 billion, or almost two-thirds of total company income tax payable for that year.
“The transparency report reflects a bounce-back in the energy and resources sector, which led to a strong increase in tax revenue from the large corporate sector overall,” he said.
The initial impacts of the Multinational Anti-Avoidance Law (MAAL) emerge in the 2016-17 data, as companies have restructured to comply with the requirements of the law.
Read the media release here.