Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019

Previous Citations
  • Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018
Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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Summary

Introduced with the Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2018 and Income Tax Rates Amendment (Sovereign Entities) Bill 2018, the bill amends the: Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to limit access to tax concessions for foreign investors by increasing the managed investment trust (MIT) withholding rate on fund payments that are attributable to non-concessional MIT income (including MIT cross staple arrangement income) to 30 per cent; Income Tax Assessment Act 1997 to modify the thin capitalisation rules to prevent double gearing structures; Income Tax Assessment Act 1936 to limit access to tax concessions for foreign investors by limiting the withholding tax exemption for superannuation funds for foreign residents; and Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to limit access to tax concessions for foreign investors by codifying and limiting the scope of the sovereign immunity tax exemption.

Progress

House of Representatives
Introduced and read a first time 20 Sep 2018
Second reading moved 20 Sep 2018
Second reading debate 12 Feb 2019
Second reading debate 13 Feb 2019
Second reading debate 14 Feb 2019
Second reading agreed to 14 Feb 2019
Consideration in detail debate
  • Amendment details: 2 Government agreed to
14 Feb 2019
Third reading agreed to 14 Feb 2019
Senate
Introduced and read a first time 02 Apr 2019
Second reading moved 02 Apr 2019
Second reading agreed to 03 Apr 2019
Third reading agreed to 03 Apr 2019
Finally passed both Houses 03 Apr 2019
Assent
  • Act no: 34
  • Year: 2019
05 Apr 2019

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.