GOVERNMENT ACTION ON MULTINATIONALS AND TAX:
* Strengthening rules that limit interest deductibility to stop companies from shifting profits out of Australia, including requiring companies to align the value of their assets with the value included in their financial statements (2018 Budget).
* Broadening the scope of large multinationals being subject to the Multinational Anti-Avoidance Law and the Diverted Profits Tax (2018 Budget).
* Tax Avoidance Taskforce within the ATO (2016).
* Multinational Anti-Avoidance Law to stop multinationals artificially avoiding a taxable presence in Australia.
* Diverted Profits Tax to prevent multinationals shifting profits overseas.
* Signing the OECD Multilateral Instrument (2017).
* Doubling penalties for multinationals avoiding tax.
* Increasing penalties for breaches of tax reporting obligations by multinationals.
* Implementing OECD recommendations for Country-by-Country Reporting to give the ATO greater access to multinational transfer pricing information.
* Aligning Australia's transfer pricing rules with the latest OECD guidelines.
* Tax Commissioner Chris Jordan estimates large corporates will pay roughly $10 billion more in company income tax for the 2018 year than they did in the previous year, due to economic growth, commodity price changes and compliance measures.
* Company tax receipts are forecast to grow by 22.1 per cent in 2017/18 and 6.7 per cent in 2018/19.
Source: Finance Department
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