Your tax affairs in the public spotlight: Edition 1 - 31 October 2014
On 2 October 2014, the Senate established an inquiry into “corporate tax avoidance and aggressive minimisation by corporations registered in Australia and multinational corporations operating in Australia”.
- A Senate Committee inquiry has been established to consider tax avoidance and aggressive minimisation by corporations in Australia and multinational corporations operating in Australia. It is due to report in June 2015.
- The Senate Committee Chairman recently wrote to 40 ASX listed companies to ask why their effective tax rate is less than 30 per cent.
Details of possible public hearings have not yet been released, although it is expected that representatives from
corporates, the tax profession and the ATO will be invited or required to appear.
- Overseas experience of similar inquiries indicates that the Senate Committee may ask far reaching and detailed questions concerning the structure and tax affairs of corporate groups, particularly multinationals.
- A number of other developments are resulting in greater focus on the tax affairs of companies and the amount of tax.