Second Reading Speeches

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
Assent
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.