Rio Tinto makes ATO deal

Rio Tinto (RIO) has invited the Australian Taxation Office to monitor its bookkeeping in real time to reduce the risk of surprise tax bills, The Australian Financial Reviewreports.

According to the newspaper, the major miner 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 said the agreement "offers a 'no surprises' approach which benefits both of us," the AFR reports.