Labor has released details of its policy to shut down loopholes which allow big multinational companies to send profits overseas: Joint media release of the Leader of the Opposition, Shadow Treasurer and Shadow Assistant Treasurer (2 March 2015).
This package includes:
- changes to the arrangements for how multinational companies claim tax deductions
- greater compliance work by the ATO to track down and tackle corporate tax avoidance
- cracking down on multinational companies using hybrid structures to reduce tax
- improved transparency and data matching.