Australian Coalition says kidnap risk means wealthy need tax reporting exemptions

‘The Abbott government is pressing ahead with plans to exempt about 1,000 Australian-owned private companies from tax transparency measures after claims wealthy owners could face kidnapping threats.

After the kidnapping suggestion was raised at a Coalition party meeting in March, the government confirmed it was looking to amend the disclosure rules in part due to concerns about risks to personal safety.

On Thursday the government released an exposure draft of legislation to wind back Labor-era laws that require the publication of basic tax information of corporate entities with at least $100m in annual turnover.

Labor vowed on Friday to oppose the changes, saying the exposure draft was evidence the government was determined “to shield some of Australia’s biggest firms from reasonable disclosure about whether they’re paying their fair share”.’

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