Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017

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

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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.

Progress

House of Representatives
Introduced and read a first time 09 Feb 2017
Second reading moved 09 Feb 2017
Second reading debate 21 Mar 2017
Second reading agreed to 21 Mar 2017
Consideration in detail debate
  • Amendment details: 1 Government agreed to
21 Mar 2017
Third reading agreed to 21 Mar 2017
Senate
Introduced and read a first time 23 Mar 2017
Second reading moved 23 Mar 2017
Second reading debate 27 Mar 2017
Second reading agreed to 27 Mar 2017
Committee of the Whole debate 27 Mar 2017
Third reading agreed to 27 Mar 2017
Finally passed both Houses 27 Mar 2017
Assent
  • Act no: 27
  • Year: 2017
04 Apr 2017

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

No documents at present

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 changes to the bill. For details about the outcome of proposed amendments please refer to either the 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.