Commonwealth Consolidated Acts Commonwealth Consolidated ActsTaxation Administration Act 1953
1 At the end of Part 1A
Add :
(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 .
2 After section 355 - 45 in Schedule 1
Insert:
355 - 47 Exception--disclosure of periodic aggregate tax information
(1) Section 355 - 25 does not apply if the information is * periodic aggregate tax information.
Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code .
(2) Periodic aggregate tax information is information that:
(a) specifies the total amount collected or assessed by the Commissioner during a period, or predicted by the Commissioner to be collected or assessed by the Commissioner during a period, in respect of:
(i) tax imposed under a particular Act or particular Acts; or
(ii) if an Act imposes duties of excise--a type of duty of excise imposed under that Act; or
(iii) if an Act imposes duties of customs--a type of duty of customs imposed under that Act; and
(b) does not identify, nor is reasonably capable of being used to identify, an individual.
3 Subsection 355 - 50(1) in Schedule 1 (note)
Omit "Note:", substitute "Note 1:".
4 At the end of subsection 355 - 50(1) in Schedule 1
Add:
Note 2: An example of a duty mentioned in paragraph ( b) is the duty to make available information under sections 3C, 3D and 3E.
5 Subsection 355 - 65(4) in Schedule 1 (table item 7)
Repeal the item, substitute:
7 | the Secretary of the Department of the Treasury | is for the purpose of: (a) briefing the Treasurer in relation to a decision that the Treasurer may make under the Foreign Acquisitions and Takeovers Act 1975 ; or (b) briefing the Treasurer in relation to a decision that the Treasurer may make in accordance with the document issued by the Treasurer known as Australia's Foreign Investment Policy; or (c) briefing an officer of the Department of the Treasury who is authorised by the Treasurer to make a decision mentioned in paragraph ( a) or (b) in relation to the decision. |
6 After section 355 - 170 in Schedule 1
Insert:
355 - 172 Exception--disclosure of periodic aggregate tax information
Section 355 - 155 does not apply if the information is * periodic aggregate tax information.
Note: A defendant bears an evidential burden in relation to the matters in this section: see subsection 13.3(3) of the Criminal Code .
Part 2 -- Consequential amendment s
Income Tax Assessment Act 1997
7 Subsection 995 - 1(1)
Insert:
"periodic aggregate tax information" has the meaning given by subsection 355 - 47(2) in Schedule 1 to the Taxation Administration Act 1953 .
Part 3 -- Application of amendments
8 Application of amendments
(1) Subject to this item, the amendments made by this Schedule apply to:
(a) the 2013 - 14 income year and later income years; and
(b) the 2013 - 2014 MRRT year and later MRRT years; and
(c) the year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987 ) starting on 1 July 2013 and later years of tax.
(2) The amendment made by item 5 of this Schedule applies to records and disclosures made on or after the commencement of that item (whenever the information was obtained).