Multinational tax integrity: Public Beneficial Ownership Register
This submission has been prepared on behalf of the Law Council of Australia with input from leading practitioners from the Business Law Section’s (BLS) Financial Services, Taxation and Corporations Committees, and the Legal Practice Section’s Charities and Not-for-profits Committee (Charities Committee).
The submission is made in response to the consultation paper released by Treasury on 7 November 2022, which seeks comments on the design features for the first phase of a publicly available beneficial ownership register (Consultation Paper).
The Law Council’s BLS makes a number of general observations in Section A and sets out a possible alternative model for consideration by Treasury and the Government in Section B. In Section C, the LPS Charities and Not-for-profits Committee sets out specific comments dealing with not-for-profit entities (NFPs). Responses to the specific questions posed by the Consultation Paper are in Section D.