Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

The judgement on compliance with taxation laws is one that is exercised independently, as is appropriate, by the tax commissioner. I will refer this question to the Prime Minister, to the extent that it relates to him, to see whether he has anything to add to that answer. But let me also make the point that, as part of the Turnbull government's strong action on corporate tax avoidance, we introduced a new transparency code to ensure greater tax transparency by large companies. The tax transparency code is a set of principles and minimum standards to guide medium and large businesses on public disclosure of tax information. It was developed by the Board of Taxation and adopted by the government in the 2016-17 budget. Under the Tax Transparency Code, the ATO is mandated to publish tax information for large companies—that is, public and foreign companies—that earn more than $100 million a year gross and Australian private companies that earn more than $200 million a year gross. For each of these companies, the ATO publishes the total income as reported in the tax return— (Time expired)