ATO preparing corporate tax transparency data

The Australian Taxation Office (ATO) will write next month to certain corporate tax entities informing them that the ATO’s 2018–19 Report of entity tax information is being prepared for publication.

According to the ATO’s release issued on August 18, 2020, the published report will include the company name, Australian business number, total income, taxable income, total tax payable (based on tax returns), and any PRRT amount payable for the 2018–19 income year.

The report will also contain information on entities details for 2016–17 or 2017–18 tax returns if they were lodged or processed after September 1, 2019 and the information has not been published previously.

The ATO said that it will let entities know the details being published and provide time to respond and advise if the information is incorrect.

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