The Australian Taxation Office (ATO) on July 8 launched a consultation on a proposal to require large private companies and large private corporate groups to file the Reportable Tax Position Schedule with their income tax returns.
The schedule is currently required for large public companies and groups. It requires taxpayers to disclose their most contestable and material tax positions.
The aim is to level the playing field, the ATO said. The amendents would require all companies — both public and private — with a total business income exceeding AUD $25 million that are part of an economic group with total business income of greater than AUD $250 million to complete the Reportabe Tax Position Schedule. This includes standalone public or private companies with total business income in excess of $250 million.
The closing date for feedback on the proposal is August 5.
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