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Second Reading Speeches

Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43

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Summary

Amends the

Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
,
Taxation Administration Act 1953
and
Income Tax (Transitional Provisions) Act 1997
in relation to: the operation of the general anti-avoidance rule; the application of the arm’s length principle in transfer pricing rules aligning with international transfer pricing standards; rules for trusts and partnerships; record keeping requirements and penalties; and consequential amendments.