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Second Reading Speeches

Treasury Laws Amendment (2020 Measures No. 1) Bill 2020

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Amends the:

Income Tax Assessment Act 1997
to extend the circumstances in which an entity is a significant global entity; and
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to: amend the country by country (CBC) reporting requirements and the requirement to provide general purpose financial statements so that they apply to a subset of significant global entities (referred to as CBC reporting entities) rather than all significant global entities; and make consequential amendments.