Australian Parliament House is open to the public.

Second Reading Speeches

Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015

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

Track (What's this?)

Permalink

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.

We acknowledge the traditional owners and custodians of country throughout Australia and acknowledge their continuing connection to land, waters and community. We pay our respects to the people, the cultures and the elders past, present and emerging.

Aboriginal and Torres Strait Islander people are advised that this website may contain images and voices of deceased people.