For inclusion in the corporate transparency population, income tax returns must be lodged and processed by 1 September of the following income year.
There were seven entities not previously published because their 2014–15 income tax returns were lodged and processed after 1 September 2017. Of these seven entities, three reported nil tax payable and the remaining four had aggregate tax payable of $10 million, 100% of which was paid on time. These entities are now published as part of the 2016–17 report.
There were 43 entities not previously published because their 2015–16 income tax returns were lodged and processed after 1 September 2017. Of these 43 entities, 26 reported nil tax payable and the remaining 17 had aggregate tax payable of $75 million, 81% of which was paid on time, while 97% has been paid to date. These entities are now published as part of the 2016–17 report.
Corporate entities' income tax return lodgment and payment dates are fixed based on the date their year of income ends. We apply a risk-based approach to ensuring lodgment and payment where these obligations are not met, including the application of penalties and interest.
Priority is given to processing different return types and demands and the time taken for the ATO to process returns can vary during the year. A few corporate entities with 2016–17 data being reported may, therefore, have met all of their lodgment requirements prior to 1 September 2017.
Through engagement with companies who haven’t lodged on time, we find a number of reasons for their behaviour. This includes information from third parties being unavailable, reporting being delayed due to structural changes (such as mergers, acquisitions and consolidation), as well as circumstances where the registered entity did not in fact have a legal obligation to lodge (such as those that ceased operating in all aspects except name). There are also a number of companies identified as being in, or about to enter liquidation, which prevents them from being able to prepare and lodge a return.