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5       Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015

Order of the day read for the consideration of message no. 494 from the House of Representatives in committee of the whole ( see entry no. 33, 12 November 2015 ).

 

 

 

In the committee

schedule of the amendments made by the senate to which the

house of representatives has disagreed

(1)    Page 2, clause 2 (table item 1), omit the table item, substitute:

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 to 4

The day after this Act receives the Royal Assent.

 

3.  Schedule 5, Parts 1 and 2

The day the Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Act 2015 receives the Royal Assent.

 

4.  Schedule 5, Part 3

The day after this Act receives the Royal Assent.

 

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

4A  After section 3C

Insert:

3D   Reporting of information about significant global entities

     (1)   This section applies to a corporate tax entity for an income year if the entity is a significant global entity (within the meaning of the Income Tax Assessment Act 1997 ) for the income year.

     (2)   The entity must, as soon as practicable after the end of the income year, give the Commissioner a general purpose financial report for the income year.

     (3)   For the purposes of this section, a general purpose financial report must be prepared and audited in relation to the entity in accordance with:

                              (a)  accounting principles and auditing principles; or

                              (b)  if such principles do not apply—commercially accepted principles, relating to accounting and auditing, that ensure the statements give a true and fair view of the financial position and performance of that entity (or that entity and the other entities on a consolidated basis).

An expression used in this subsection that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

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

(3)    Page 17 (after line 3), at the end of the bill, add:

Schedule 5 Reporting of information about corporate tax entities

Part 1 Repeal of Act

Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Act 2015

1  The whole of the Act

Repeal the Act .

Part 2 Application

2  Application

(1)    This item applies if the Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Act 2015 receives the Royal Assent before this Schedule commences.

(2)    Despite section 7 of the Acts Interpretation Act 1901 , the Taxation Administration Act 1953 as in force immediately before that Royal Assent continues to apply, by force of this item, as if the amendments made by the Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Act 2015 had never been made.

Part 3 Reporting of information

Taxation Administration Act 1953

3  Subsection 3C(2)

Omit “The Commissioner”, substitute “Subject to subsection (2A), the Commissioner”.

4  After subsection 3C(2)

Insert:

(2A)    If:

                              (a)  an entity applies to the Commissioner in writing; and

                              (b)  at the end of the income year the entity is an Australian resident that is a private company for the income year that neither:

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

                                                 (ii)   has a foreign shareholding percentage of 50% or greater; and

                               (c)  the Commissioner is satisfied that to make the information publicly available may be significantly prejudicial to any of the entity’s current or future commercial negotiations;

the Commissioner may determine that subsection (2) does not apply in relation to the entity. An expression used in this subsection that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

(2B)    A determination under subsection (2A) is not a legislative instrument.

5  After subsection 3C(3)

Insert:

(3A)    The Commissioner must ensure that the information made publicly available under subsection (2) includes:

                              (a)  a statement to the effect that:

                                                  (i)   the information may not reflect the full financial position of the entity; and

                                                 (ii)   more comprehensive information may be available from the Australian Securities and Investments Commission; and

                              (b)  the address for the part of the Australian Securities and Investments Commission’s website via which the information referred to in subparagraph (a)(ii) may be found.

6  Application of amendments

The amendments made by this Schedule apply in relation to an entity for the 2013-14 income year and each later income year unless the Commissioner has, before the commencement of this Schedule, made publicly available information about the entity for the income year under subsection 3C(2) of the Taxation Administration Act 1953 .

The Minister for Finance (Senator Cormann) moved—That the committee does not insist on its amendments to which the House has disagreed.

The question was divided at the request of Senator Dastyari—

Question—That the committee does not insist on amendment no. 1—debated.

 

 

 

At 12.45 pm : The Acting Deputy President (Senator Back) resumed the chair and the Chair of Committees (Senator Marshall) reported progress.