The Australian Taxation Office (ATO) has updated corporate tax transparency for the 2022–23 income year and onwards. The corporate tax transparency population includes any corporate tax entity that has total income equal to or exceeding AUD 100 million and entities reporting petroleum resource rent tax (PRRT) payable.
Every year, ATO is legally required to publish income tax information about large public and private companies in the Report of entity tax information on data.gov.au External Link. In September, the ATO will send companies their reported tax information, offering them the opportunity to correct any errors before the report is made public.
Companies that meet the inclusion threshold but do not receive this communication by late September are advised to contact the ATO through the Reporting Entity Info email.
This follows a 2022 amendment to the Corporate Tax Transparency law, which lowered the reporting threshold from AUD 200 million to AUD 100 million starting with the 2023 income year.
ATO plans to publish the final report in late October or early November.
