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International exchange of information: An Australian perspective

Published on 01 Feb 14 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The Commissioner of Taxation has extensive powers to obtain information from a vast array of international sources. In the context of the ever-increasing domestic and international focus on base erosion and profit shifting, global cooperation on attacking international tax avoidance, and Australia’s role as Chair of the G20 in 2014, this article considers the source, nature and scope of the Commissioner’s powers to obtain information from international sources, and the reciprocal obligation to disclose information to overseas revenue authorities. The article examines exchange of information articles in Australia’s double tax agreements, Australia’s tax information exchange agreements, and the Convention on Mutual Administrative Assistance in Tax Matters.

The author suggests that there is a need for greater transparency in relation to the processes and procedures adopted by the Australian Taxation Office in exchanging information internationally and in the public reporting of the numbers and type of such exchanges.

Author profile:

Mark Mathews CTA
Mark is a Solicitor in Tax Policy and Controvery for Ernst & Young. Current at 07 October 2014 Click here to expand/collapse more articles by Mark Mathews.
 
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