Tax avoidance and aggressive minimisation by corporations registered in Australia and multinational corporations operating in Australia, with specific reference to:
- the adequacy of Australia’s current laws;
- any need for greater transparency to deter tax avoidance and provide assurance that all companies are complying fully with Australia’s tax laws;
- the broader economic impacts of this behaviour, beyond the direct effect on government revenue;
- the opportunities to collaborate internationally and/or act unilaterally to address the problem;
- the performance and capability of the Australian Taxation Office (ATO) to investigate and launch litigation, in the wake of drastic budget cuts to staffing numbers;
- the role and performance of the Australian Securities and Investments Commission in working with corporations and supporting the ATO to protect public revenue;
- any relevant recommendations or issues arising from the Government’s White Paper process on the ‘Reform of Australia’s Tax System’; and
- any other related matters.
On 1 December 2016, the committee resolved to broaden the scope of the inquiry to include Australia'a offshore oil and gas industry.
The committee has asked to receive submissions on the treatment and/or payment of:
- the Petroleum Resource Rent Tax (PRRT);
- deductions; and
- other taxes,
by corporations involved in Australia's offshore oil and gas industry, including matters relating to the collection of these moneys by government.