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18 Mar 15 Tax secrecy and transparency: ATO administrative arrangements

On 13 March 2015 the ATO released a consultation paper on proposed administrative arrangements for reporting entity information as required by the tax secrecy and transparency measures in the Taxation Administration Act 1953 (Cth) (TAA): Tax secrecy and transparency: administrative arrangements for reporting entity information.

The ATO is required to report information about corporate tax entities with a total income of $100 million or more. The total income, taxable income and income tax payable for these entities must be reported. The ATO is also required to report information about Minerals Resource Rent Tax (MRRT) and Petroleum Resource Rent Tax (PRRT) payable by an entity. These requirements apply in relation to information for the 2013-2014 income year, MRRT year and year of tax (for PRRT), and following years.

The law imposing the requirement to publish certain taxpayer information is set out in s 3C, 3D and 3E of the TAA.

It is envisaged that the ATO will publish one annual report encompassing all relevant taxpayers, including all the information affecting income tax, MRRT and PRRT. The first publication is expected to be in late 2015. The exact form of the report has yet to be determined but it will be available on the ATO website.

Entities will have an opportunity to confirm the accuracy of their information before it is reported. Also, during the consultation process on the policy and law design for the measure in 2013, some taxpayers expressed concerns that the reported information may convey a misleading impression of their tax affairs. An objective of this consultation process is to consider how the information can be presented to address these concerns.

The ATO is seeking comments on the proposals in the consultation paper. The closing date for submissions is 10 April 2015.

The full text of the consultation paper is available here.

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