committee recommends that the thin capitalisation rules be amended so that the
worldwide gearing ratio is the only method by which interest related deductions
should be calculated for the purpose of tax treatment in Australia.
committee recommends that the government undertake an independent review into
the detriment to Australian tax revenue that arises from the current transfer
pricing regime, and explore options to modify transfer pricing rules, or other
tax laws, to ensure multinational enterprises make the appropriate contribution
to Australian tax revenue.
committee recommends that all companies with a total income equal to or
exceeding $100 million for an income year be required to release tax
information of the level specified in the Tax Laws Amendment (Combating
Multinational Tax Avoidance) Act 2015.
committee recommends that:
- companies, trusts and other corporate
structures be required to disclose information regarding their beneficial
- a publicly accessible, central register be
maintained by a suitable government agency; and
- this information be included in the review
as set out in Recommendation 6, with the intent to find ways to provide
this information free of charge or at a reduced cost.
committee recommends that the government require all companies, trusts and
other financial entities with income above a certain amount to lodge general purpose
financial statements with the Australian Securities and Investments Commission.
committee recommends that the government undertake an independent, public
review of the Australian Securities and Investments Commission's statutory fees
and charges to explore options for reducing or eliminating fees to access
company information, including financial statements.
committee recommends that excerpts of Country-by-Country reports be made
publicly available free of charge. Information to be released from
Country-by-Country reports would include, at a minimum, high level data on how
much revenue is collected and tax is paid in jurisdictions the firm operates
in, and the number of employees.
committee recommends that the existing voluntary tax transparency code be
converted, as soon as practicable, to a mandatory code for all large and medium
corporations operating in Australia, including subsidiaries of multinational
committee recommends that the Australian Taxation Office include a dedicated
section on the number and value of significant tax settlements of
$50 million or greater in its annual report.
committee recommends that the government finalise and release its response to
the Callaghan report into the Review of the Petroleum Resource Rent Tax.
committee recommends that the government overhaul uplift rates for future
Petroleum Resource Rent Tax eligible projects, so as to make them less
committee recommends that the ordering of deductions be rationalised for future
Petroleum Resource Rent Tax eligible projects so that those with the highest
compounding rates are used first for tax deduction purposes.
committee recommends that the gas transfer pricing method for Petroleum
Resource Rent Tax eligible projects be reformed to make it simpler and more
transparent so as to ensure that it delivers a fair return to the community.
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