This one has me wondering if they have lost their marbles.

" Locally, the Coalition also flagged in the budget that it would work with business and the ATO – through the Board of Tax – to develop a voluntary code whereby large corporates disclose detailed information about their tax affairs. "

They can voluntary disclose their tax affairs now if inclined. Stick and carrot for the public but voluntary for big business ? Yeah they will be lining up to disclose all and while their at it stop sending profits to tax havens. Its like a script from the Hollowmen.

I thought it was another public con job when Hockey announced it at budget time. Empty words telling people what they wanted to hear. Another lie! 

Treasury’s top tax official Rob Heferen, has made a public offer to resign if the budget measure to catch multi-­national tax cheats causes any job losses in Australia.

The legislation which was proposed in Wayne Swan’s final 2013-14 budget and then implemented by the Coalition last year which requires that multinationals limit borrowings from their head-office for their local operations to no more than 40 per cent of their funding.

Companies could borrow more than this provided the loans were at commercial rates and concluded at an “arm’s length”

Challenged by Queensland Labor Senator Chris Ketter over the employment effects of the government’s multinational tax crackdown announced in the budget, Mr Heferen said it was targeted at 30 multinationals that were avoiding a permanent establishment in Australia through contrived arrangements.

“I’d be very surprised if there’s any flow-on effect to real economic activity in Australia. I should be resigning my commission if I’m wrong on this one,” he said.

Mr Heferen was quizzed over why there was no estimate in the budget for the revenue which this measure — an extension of the anti-avoidance provisions in the tax act — would raise. He said it was hoped the new legislation would create a change in corporate behaviour without the need for enforcement activity.

Finance Minister Mathias Cormann said the government had not costed the measure because it did not have the information to do so credibly.

Edited extract from

http://www.theaustralian.com.au/national-affairs/treasury/treasury-guru-bets-his-job-on-tax-cheats-fix/story-fn59nsif-1227380398909