Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2015

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

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Summary

Amends the Taxation Administration Act 1953 to: require financial institutions to carry out Common Reporting Standard due diligence procedures to identify reportable accounts held by foreign tax residents and provide statements about those accounts; require financial institutions to provide a statement in relation to certain accounts if they receive a notice requiring them to do so; provide for administrative penalties when financial institutions fail to collect account holder self-certifications about the jurisdiction of residence for tax purposes; and require financial institutions to keep records for at least five years that explain the procedures used for identifying these accounts. Also makes consequential amendments to the Income Tax Assessment Act 1997, Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015 and Taxation Administration Act 1953.

Progress

House of Representatives
Introduced and read a first time 03 Dec 2015
Second reading moved 03 Dec 2015
Second reading debate 08 Feb 2016
Second reading agreed to 08 Feb 2016
Consideration in detail debate 08 Feb 2016
Third reading agreed to 08 Feb 2016
Senate
Introduced and read a first time 22 Feb 2016
Second reading moved 22 Feb 2016
Second reading debate 23 Feb 2016
Second reading agreed to 23 Feb 2016
Committee of the Whole debate 23 Feb 2016
Committee of the Whole debate
  • Amendment details: 2 Government and 6 Opposition agreed to
24 Feb 2016
Third reading agreed to 24 Feb 2016
House of Representatives
Message from Senate reported 25 Feb 2016
Consideration of Senate message
  • Details: House agreed to Senate amendments
29 Feb 2016
Finally passed both Houses 29 Feb 2016
Assent
  • Act no: 23
  • Year: 2016
18 Mar 2016

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

House of representatives

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Senate

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Schedules of amendments

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Bills digest

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Notes

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.