Rio Tinto Limited
(ASX:RIO) has invited the Australian Taxation Office to monitor its bookkeeping in real time to reduce the risk of unexpected tax bills, according to media reports.
The mining giant is set for another period of tax uncertainty as the new government plans to roll back the carbon tax and minerals resource rent tax from July 1 next year.
The previous government also passed laws requiring the ATO to publish the income and tax payable of companies earning over $100 million a year.
Tax Commissioner Chris Jordan told media the agreement offers a no surprises approach.
Rio Tinto delivered a net profit of $1.8 billion in the first half of fiscal 2013.
