Alcoa of Australia has become the first company to enter an annual compliance arrangement with the Australian Tax Office for four separate taxes: income tax, fringe benefits tax, GST and excise fuel tax credits.
The arrangement will give the tax office real-time access to Alcoa's company transactions, reducing the need for audits and risk reviews.
Alcoa managing director Alan Cransberg said the arrangement was a great example of the company's commitment to good corporate governance.
"We welcome the ATO's scrutiny and are open to review of our corporate compliance measures," Mr Cransberg said in a statement.
"This sends a strong message to government, and to any other organisation that deals with us, that we are doing the right thing as an Australian company.
"This commitment by Alcoa also sends a strong message to our own employees by reinforcing that we are an open and values-based company."