Senate Inquiry into corporate tax avoidance final report - 14 June 2018
The Inquiry has run in parallel to transformative change in the Australian tax system, driven by the global BEPS process, recent court decisions and significant changes in Australian law, with measures such as the Multinational Anti-Avoidance Law, the Diverted Profits Tax and increased transparency requirements.
The final report included 13 recommendations across three areas:
- Two recommendations relating to base erosion and profit shifting;
- Seven relating to transparency, and
- Four relating to petroleum resource rent tax (PRRT).
It is not clear at this stage exactly what action will flow from the recommendations. However, with a Federal election expected in Australia in the next year, the recommendations could be seen as a roadmap for potential tax changes in the event of a change of Government and accordingly should be examined in that light.
Published: June 2018