More transparency is expected in the Australian tax system now. The government is planning to make the process more flexible and convenient, so that key corporate regulators can have access to authentic information. This move will help in minimising cases of corporate tax cheats. It will help in encouraging organisations to pay their fair share of tax. According to Mr. Bradbury, the government is looking for possible ways to maintain a good flow of taxation information to and fro taxation office and other relevant corporate regulators. Some of these corporate regulators are:
a) Foreign Investment Review Board;
b) The Australian Securities and Investments Commission (ASIC);
c) Australian Prudential Regulation Authority.
Currently, the existing tax privacy laws applicable through out Australia prevent the government from releasing any taxation information. Mr. Bradbury will discuss underlying techniques used by large corporations to save their tax with Australian Treasurer and the government’s specialist reference group.
A group of 14 members having treasury Rob Heferen as chairman has been formed to locate the major changes to be done for Australian tax reformThis group will decide information about which federal taxes should be publically available. BDO Tax Partner, Mark Molesworth says “rather than measures to "name and shame" certain companies, the government should be looking at previous tax reform recommendations to simplify the system. These can help the government in attracting more revenue and will prevent profits from going offshore.”
To know more about Tax Reform and other taxation related queries, please feel free to visit our webpage: http://bbw-services.com/tax/
a) Foreign Investment Review Board;
b) The Australian Securities and Investments Commission (ASIC);
c) Australian Prudential Regulation Authority.
Currently, the existing tax privacy laws applicable through out Australia prevent the government from releasing any taxation information. Mr. Bradbury will discuss underlying techniques used by large corporations to save their tax with Australian Treasurer and the government’s specialist reference group.
A group of 14 members having treasury Rob Heferen as chairman has been formed to locate the major changes to be done for Australian tax reformThis group will decide information about which federal taxes should be publically available. BDO Tax Partner, Mark Molesworth says “rather than measures to "name and shame" certain companies, the government should be looking at previous tax reform recommendations to simplify the system. These can help the government in attracting more revenue and will prevent profits from going offshore.”
To know more about Tax Reform and other taxation related queries, please feel free to visit our webpage: http://bbw-services.com/tax/
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