Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018

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

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Summary

Amends the Income Tax Assessment Act 1997 to: remove a double benefit that can arise in relation to certain deductible liabilities held by an entity that joins a consolidated group; ensure that deferred tax liabilities are disregarded for the purposes of the operation of the entry and exit tax cost setting rules; prevent a double benefit from arising when an entity joins or leaves a consolidated group where the entity has securitised an asset; prevent non-residents churning assets between different consolidated groups to access double deductions; clarify the tax treatment of certain intra-group liabilities and assets between a continuing member of a consolidated group and an exiting member of the consolidated group; and prevent consolidated groups from accessing double deductions by shifting value across entities in the group.

Progress

House of Representatives
Introduced and read a first time 15 Feb 2018
Second reading moved 15 Feb 2018
Second reading debate 28 Feb 2018
Second reading agreed to 28 Feb 2018
Third reading agreed to 28 Feb 2018
Senate
Introduced and read a first time 19 Mar 2018
Second reading moved 19 Mar 2018
Second reading debate 22 Mar 2018
Second reading agreed to 22 Mar 2018
Third reading agreed to 22 Mar 2018
Finally passed both Houses 22 Mar 2018
Assent
  • Act no: 14
  • Year: 2018
28 Mar 2018

Documents and transcripts

Text of bill

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Word Format PDF Format HTML Format

Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

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.