Treasury Laws Amendment (Tax Integrity and Other Measures No. 2) Bill 2018

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

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Summary

Amends the: Income Tax Assessment Act 1997 to: implement the OECD hybrid mismatch rules by preventing entities that are liable to income tax in Australia from being able to avoid income taxation, or obtain a double non-taxation benefit, by exploiting differences between the tax treatment of entities and instruments across difference countries; deny imputation benefits on franked distributions made by an Australian corporate tax entity if all or part of the distribution gives rise to a foreign income deduction; clarify the expenditure that can be claimed under the film producer offset for films undertaking principal photography overseas; and include the Melbourne Korean War Memorial Committee Incorporated as a specifically listed deductible gift recipient between 1 January 2018 and 31 December 2019; and Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to: implement the OECD hybrid mismatch rules by limiting the scope of the exemption for foreign branch income and preventing a deduction from arising for payments made by an Australian branch of a foreign bank to its head office in certain circumstances; prevent certain foreign equity distributions received by an Australian corporate tax entity from being non assessable non-exempt income if all or part of the distribution gives rise to a foreign income tax deduction; and provide an income tax exemption for the International Cricket Council Business Corporation FZ-LLC (IBC) and exempt from withholding tax payments of interest, dividend and royalties made to the IBC, for a five-year period.

Progress

House of Representatives
Introduced and read a first time 24 May 2018
Second reading moved 24 May 2018
Second reading debate 25 Jun 2018
Second reading agreed to 25 Jun 2018
Consideration in detail debate
  • Amendment details: 1 Opposition agreed to
25 Jun 2018
Third reading agreed to 25 Jun 2018
Senate
Introduced and read a first time 27 Jun 2018
Second reading moved 27 Jun 2018
Second reading debate 16 Aug 2018
Second reading agreed to 16 Aug 2018
Third reading agreed to 16 Aug 2018
Finally passed both Houses 16 Aug 2018
Assent
  • Act no: 84
  • Year: 2018
24 Aug 2018

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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Schedules of amendments

No documents at present

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.