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

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 1936 and Income Tax Assessment Act 1997 to: require an entity to use the value of the assets, liabilities and equity capital that are used in its financial statements; remove the ability for an entity to revalue its assets specifically for thin capitalisation purposes; and ensure that non-ADI foreign controlled Australian tax consolidated groups and multiple entry consolidated groups that have foreign investments or operations are treated as both outward investing and inward investing entities; A New Tax System (Goods and Services Tax) Act 1999 to require offshore suppliers of rights or options to use commercial accommodation in Australia to include these supplies in working out their GST turnover; and A New Tax System (Luxury Car Tax) Act 1999 to remove liability for luxury car tax from cars that are re-imported following service, repair or refurbishment overseas.

Progress

House of Representatives
Introduced and read a first time 04 Jul 2019
Second reading moved 04 Jul 2019
Second reading debate 31 Jul 2019
Second reading agreed to 31 Jul 2019
Third reading agreed to 31 Jul 2019
Senate
Introduced and read a first time 01 Aug 2019
Second reading moved 01 Aug 2019
Second reading debate 09 Sep 2019
Second reading agreed to 09 Sep 2019
Third reading agreed to 09 Sep 2019
Finally passed both Houses 09 Sep 2019
Assent
  • Act no: 65
  • Year: 2019
13 Sep 2019

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.