Due to COVID-19 Parliament House has limited public access. Bookings are essential for all public visits.

Second Reading Speeches

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

Track (What's this?)

Permalink

Summary

Introduced with the Diverted Profits Tax Bill 2017, the bill amends: five Acts to provide for a diverted profits tax from 1 July 2017 to ensure that significant global entities are not able to avoid their tax obligations by diverting profits generated in Australia offshore; the

Taxation Administration Act 1953
to increase the administrative penalties that can be imposed by the Commissioner of Taxation on significant global entities for breaching their tax reporting obligations; and the
Income Tax Assessment Act 1997
to update the reference to Organisation for Economic Cooperation and Development (OECD) transfer pricing guidelines in Australia’s cross-border transfer pricing rules to include the 2016 OECD amendments to the guidelines.