Andrew Leigh

TAX TRANSPARENCY, COURTESY OF LABOR

Hundreds of Australia’s biggest private companies are one step closer to being forced out of the shadows and into the sunlight, thanks to a Labor bill passed today.
 
The Private Senator’s Bill would ensure that big businesses have their high-level tax information published, which will allow proper scrutiny and help restore the trust in the integrity of the tax system that was brought about when the Gillard Government passed tax transparency reforms in June 2013.
 
In December 2015, the Greens and the Liberals raised the transparency threshold for private companies from $100 million to $200 million. This dodgy deal took two-thirds of the private companies out of the spotlight and back into the darkness.

Today, the deal has moved one step closer to being reversed, with the Senate voting to lower the tax transparency threshold to $50 million for all firms – public and private.
 
The bill also removes a grandfathering exemption for certain financial reports for approximately 1500 large companies. Labor supported this when former Senator Ricky Muir moved it during the Multinational Anti-Avoidance Law debate, where it was opposed by the Liberals and the Greens.
 
Today’s private Senator’s bill stands alongside other Labor transparency measures, including disclosure of tax haven activity in government tenders, public reporting of country-by-country reports and protection for whistleblowers who uncover tax dodging by multinationals.
 
With rising inequality and mounting government debt, Labor stands on the side of middle Australia and small business, not millionaires and multinationals.
 
While Malcolm Turnbull is fighting to give big business a multibillion dollar handout, Labor is fighting for tax transparency to promote fairness.
 
Australians want more tax transparency. Only Labor will deliver.
 
MONDAY, 25 JUNE 2018

Authorised by Noah Carroll, ALP, Canberra