Australia: Tax Transparency Code proposed for large businesses

Australia: Tax Transparency Code proposed

The government on 3 May 2016, as part of the federal budget measures focused on stronger compliance, announced that it was committed to a new voluntary Tax Transparency Code for large businesses.

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The new Tax Transparency Code, also released by the Board of Taxation (BoT) on budget night, is similar to the original proposal contained in a consultation paper released in December 2015. There is a proposed “ideal” start date from the 2016 reporting season, with the disclosures divided into:

  • Part A: Improving the financial statement tax disclosures—for businesses with a turnover of AUS $100 million or over
  • Part B: “Taxes paid” report—for businesses with a turnover of AUS $500 million or over

The Tax Transparency Code would apply to privately owned Australian companies as well as foreign owned and public companies operating in Australia. The BoT recommended that corporate boards and senior management actively participate in the decision to adopt the measures and on what would be the level of disclosure.


Read a May 2016 report prepared by the KPMG member firm in Australia: Introducing a voluntary Tax Transparency Code

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