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Thursday, 3 December 2015
Page: 14760

Consideration of Senate Message

Message received from the Senate acquainting the House that the Senate does not insist on its amendments disagreed to by the House and requests the concurrence of the House in amendments made in place of amendments Nos 2 and 3.

Ordered that the amendments be considered immediately.

Senate’s amendments—

(1) Schedule 1, page 7 (before line 10), before item 5, insert:

4A Paragraphs 3C(1)(a) and (b)

   Repeal the paragraphs, substitute:

   (a) the entity has total income equal to or exceeding $100 million for the income year and, at the end of the income year:

       (i) the entity is not an Australian resident that is a private company for the income year; or

       (ii) the entity is a member of a wholly -owned group that has a foreign resident ultimate holding company; or

       (iii) the percentage of foreign shareholding in the entity is greater than 50%; or

   (b) the entity has total income equal to or exceeding $200 million for the income year and, at the end of the income year, the entity is an Australian resident that is a private company for the income year.

(2) Schedule 1, page 7 (before line 10), before item 5 (after proposed item 4A), insert:

4B After section 3C

   Insert:

3CA Reporting of information by significant global entities

(1) This section applies to a corporate tax entity for an income year if:

   (a) the entity is a significant global entity for the income year; and

   (b) at the end of the income year, the entity is:

       (i) an Australian resident; or

       (ii) a foreign resident who operates an Australian permanent establishment (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ); and

   (c) the entity does not lodge a general purpose financial statement for the financial year most closely corresponding to the income year:

       (i) with the Australian Securities and Investments Commission; and

       (ii) within the time provided under subsection 319(3) of the Corporations Act 2001 for lodgement of a report for that financial year.

(2) A corporate tax entity to which this section applies for an income year must, on or before the day by which the entity is required to lodge its income tax return for the income year with the Commissioner, give to the Commissioner a general purpose financial statement for the financial year most closely corresponding to the income year.

Note: Section 286 -75 in Schedule 1 provides an administrative penalty for breach of this subsection.

(3) The Commissioner must give a copy of the statement to the Australian Securities and Investments Commission.

(4) The giving of the copy to the Australian Securities and Investments Commission under subsection (3) is taken, for the purposes of the Corporations Act 2001 , to be lodgement of the document with the Australian Securities and Investments Commission.

Note: Under section 1274 of the Corporations Act 2001 , a person may inspect, and require to be given a copy or extract of, any document lodged with the Australian Securities and Investments Commission.

(5) For the purposes of this section, a general purpose financial statement in relation to an entity:

   (a) must be prepared in accordance with:

       (i) the accounting principles; or

       (ii) if accounting principles do not apply in relation to the entity—commercially accepted principles relating to accounting; and

   (b) if the entity is a member of a group of entities that are consolidated for accounting purposes as a single group—must relate to:

       (i) the entity; or

       (ii) the entity and some or all of the other members of the group.

(6) An expression used in this section that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

(3) Schedule 1, page 7 (after line 21), at the end of the Schedule, add:

6 Application of amendment—item 4A

       The amendment made by item 4A applies in relation to an entity for the 2013 -14 income year and each later income year.

(4) Schedule 1, page 7 (after line 21), at the end of the Schedule (after proposed item 6), add:

7 Application of amendment—item 4B

   The amendment made by item 4B of this Schedule applies in relation to income years commencing on or after 1 July 2016.