The truth about the governments tax stance If you want to know how your local school is performing, you can check the My School website for data on its results, funding, enrollments and more. If you want to be sure about a company you’re doing business with, you can search ASIC’s registers for details of its ownership, history and past run-ins with the law. And if you want to find out where to eat out, many states and territories have rated their restaurants for food safety (my favourite is Brisbane City Council, which gives all establishments a star rating). Transparency is valuable in many contexts because it helps us make more informed decisions, whether as parents, consumers or businesspeople. More sunlight provides a strong incentive for companies, organisations and individuals to do the right thing. That transparency principle underpins the private members bill I’ve just introduced in the federal parliament. The bill aims to put more information about how much tax multinational companies pay into the public domain. With better information out there on the public record, we’ll be able to have a frank and informed discussion about whether big companies are paying their fair share. My bill covers companies with total income over $100 million who were required to lodge a return with the Australian Tax Office. It brings forward a reform passed by Labor in our last year of government, under which the tax office is required to start releasing information about these companies’ taxable income, total income and tax paid from the 2013-14 financial year. Under current law, that data is likely to be published in late-2015. Read more: businessspectator.au/article/2014/12/1/tax/truth-about-governments-tax-stance?utm_source=exact&utm_medium=email&utm_content=1025507&utm_campaign=kgb&modapt
Posted on: Tue, 02 Dec 2014 03:47:04 +0000
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