The leaders of Australia’s largest companies watered down a Business Council of Australia statement of intent committing them to paying tax and providing greater transparency, leaked documents have revealed.

The original compact emerged during last minute negotiations with the Senate crossbench to pass the Turnbull government’s company tax cuts. It would have tied BCA members such as Qantas, Fortescue and BHP to pay ‘‘tax and show our commitment by signing the ATO’s tax transparency standard’’.

This wording was parked, however, in favour of a broader and less accountable statement. Instead, a campaign to restore ‘‘faith and trust’’ in business was launched with a promise for ‘‘investing more in Australia’’ in an attempt to convince the Senate to pass a company tax cut from 30¢ to 25¢ in the dollar.

The chief executive of the Business Council, Jennifer Westacott. Credit:Alex Ellinghausen

The original statement, obtained by the Herald, also promised to put business ‘‘in a stronger position to avoid off-shoring jobs, invest more in remote and rural Australia and be able to increase wages when the conditions are right’’.