Are transparent companies the way of the future for Australia?

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Freudenberg, Brett
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Chris Evans
Date
2006
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Abstract

Australia has recently recognised or introduced, to a limited extent, a new business form known as a transparent company. A transparent company provides limited liability to its members and separate legal entity status with flow-through taxation. Australia's actions have been in response to an increasing global trend that has seen the broad introduction of transparent companies in overseas jurisdictions. For example, the United States has introduced the "S Corporation" and the "limited liability company"; the United Kingdom has introduced the "limited liability partnership"; and New Zealand has introduced the "loss attributing qualifying company". Why have these overseas jurisdictions introduced their transparent companies and is the reasoning similar in Australia? This article will argue that some of the drivers that caused the introduction of transparent companies overseas are present in Australia and, consequently, there could be a broad introduction of a transparent company. In fact, such an introduction could be imperative for Australia to be competitive in an increasing global economy.

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Australian Tax Review
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35
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3
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Applied economics
Accounting, auditing and accountability
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