Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44
Summary
Amends the:
Income Tax Assessment Act 1997
to: provide for a standard and centralised set of concepts to determine whether an entity is a ‘significant global entity’; and introduce new standards for transfer pricing documentation and country-by-country reporting by significant global entities;
Income Tax Assessment Act 1936
to negate certain tax avoidance schemes used by multinational entities to artificially avoid the attribution of profits to a permanent establishment in Australia; and
Taxation Administration Act 1953
to: increase the penalties imposed on significant global entities that enter into tax avoidance or profit shifting schemes; and make consequential amendments.

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Progress

House of Representatives
Introduced and read a first time 16 Sep 2015
Second reading moved 16 Sep 2015
Second reading debate 19 Oct 2015
Second reading agreed to 19 Oct 2015
Third reading agreed to 19 Oct 2015
Senate
Introduced and read a first time 09 Nov 2015
Second reading moved 09 Nov 2015
Second reading debate 09 Nov 2015
Second reading debate 10 Nov 2015
Second reading agreed to 10 Nov 2015
Committee of the Whole debate
  • Amendment details: 1 Independent (Xenophon) agreed to
10 Nov 2015
Committee of the Whole debate
  • Amendment details: 2 Australian Greens agreed to
11 Nov 2015
Third reading agreed to 11 Nov 2015
House of Representatives
Consideration of Senate message
  • Details: House disagreed to Senate amendments
12 Nov 2015
Senate
Message from House of Reps reported 12 Nov 2015
Consideration of House of Reps message
  • Details: Senate did not insist on its amendments, and agreed to 4 Australian Greens amendments in place of amendments nos 2 and 3
03 Dec 2015
House of Representatives
Consideration of Senate message
  • Details: House agreed to Senate amendments
03 Dec 2015
Finally passed both Houses 03 Dec 2015
Assent
  • Act no: 170
  • Year: 2015
11 Dec 2015

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

Senate

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Schedules of amendments

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Bills digest

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Notes

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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