Tax Laws Amendment (2013 Measures No. 2) Act 2013 (124 of 2013)
Schedule 5 Tax secrecy and transparency
Part 1 Main amendments
Taxation Administration Act 1953
1 At the end of Part 1A
Add:
3C Reporting of information about corporate tax entity with reported total income of $100 million or more
(1) This section applies to an entity if:
(a) the entity is a corporate tax entity (within the meaning of the Income Tax Assessment Act 1997); and
(b) the entity has total income equal to or exceeding $100 million for an income year, according to information reported to the Commissioner in the entity’s income tax return (within the meaning of that Act) for the income year.
(2) The Commissioner must, as soon as practicable after the end of the income year, make publicly available the information mentioned in subsection (3).
(3) The information is as follows:
(a) the entity’s ABN (within the meaning of the Income Tax Assessment Act 1997) and name;
(b) the entity’s total income for the income year, according to information reported to the Commissioner in the entity’s income tax return (within the meaning of that Act) for the income year;
(c) the entity’s taxable income or net income (if any) for the income year, according to information reported to the Commissioner in that income tax return;
(d) the entity’s income tax payable (if any) for the financial year corresponding to the income year, according to information reported to the Commissioner in that income tax return.
(4) Subsection (5) applies if:
(a) the entity gives the Commissioner a notice in writing that the return mentioned in paragraph (3)(b) contains an error; and
(b) the notice contains information that corrects the error.
(5) The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error.
(6) To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure.
3D Reporting of information about entity with MRRT payable
(1) This section applies to an entity if the entity has an amount of MRRT payable for an MRRT year, according to information reported to the Commissioner in the entity’s MRRT return for the MRRT year.
(2) The Commissioner must, as soon as practicable after the end of the MRRT year, make publicly available the information mentioned in subsection (3).
(3) The information is as follows:
(a) the entity’s ABN (within the meaning of the Income Tax Assessment Act 1997) and name;
(b) the entity’s MRRT payable for the MRRT year, according to information reported to the Commissioner in the entity’s MRRT return for the MRRT year.
(4) Subsection (5) applies if:
(a) the entity gives the Commissioner a notice in writing that the return mentioned in paragraph (3)(b) contains an error; and
(b) the notice contains information that corrects the error.
(5) The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error.
(6) To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure.
(7) In this section:
MRRT return has the meaning given by the Income Tax Assessment Act 1997.
MRRT year has the meaning given by section 300-1 of the Minerals Resource Rent Tax Act 2012.
3E Reporting of information about entity with PRRT payable
(1) This section applies to an entity if the entity has an amount of PRRT payable for a year of tax, according to information reported to the Commissioner in the entity’s PRRT return for the year of tax.
(2) The Commissioner must, as soon as practicable after the end of the year of tax, make publicly available the information mentioned in subsection (3).
(3) The information is as follows:
(a) the entity’s ABN (within the meaning of the Income Tax Assessment Act 1997) and name;
(b) the PRRT payable by the entity in respect of the year of tax, according to information reported to the Commissioner in the entity’s PRRT return for the year of tax.
(4) Subsection (5) applies if:
(a) the entity gives the Commissioner a notice in writing that the return mentioned in paragraph (3)(b) contains an error; and
(b) the notice contains information that corrects the error.
(5) The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error.
(6) To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure.
(7) In this section:
PRRT return means a return under section 59 or 60 of the Petroleum Resource Rent Tax Assessment Act 1987.
year of tax has the meaning given by the Petroleum Resource Rent Tax Assessment Act 1987.