According to the provisions of legislation enacted in late June 2013, the Australian tax authorities will have to disclose publicly certain information relating to companies with a “reported total income” of greater than AUS $100 million. The disclosure rule will also apply to entities with a petroleum resource rent tax (PRRT) or mineral resource rent tax (MRRT) liability of a similar amount.
So, taxpayers in Australia will need to consider taking steps to address the possible implications of this public disclosure of their income and tax payments.
