In a media release issued on 20 September 2014, the Treasurer, Joe Hockey, said that G20 Finance Ministers have agreed to tackle base erosion and profit shifting (BEPS) to make sure companies pay their fair share of tax.
The Treasurer said that "supporting greater tax transparency and information exchange is a key way to crack down on tax avoidance and evasion".
"This will allow us to identify offshore income of multinationals and high wealth individuals, so there will be nowhere to hide.
Today, Australia starts the process by committing to implement the new reporting standard in 2017 with the first exchange a year later. The G20 is a leader in the early implementation of the standard and we will be urging all countries, including financial centres, to match the G20’s commitment."