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Text of bill | Explanatory memoranda | Second reading speeches | Proposed amendments | Schedules of amendments | Bills Digest

Bills of the current Parliament

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2015


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the Taxation Administration Act 1953 to: require financial institutions to carry out Common Reporting Standard due diligence procedures to identify reportable accounts held by foreign tax residents and provide statements about those accounts; require financial institutions to provide a statement in relation to certain accounts if they receive a notice requiring them to do so; provide for administrative penalties when financial institutions fail to collect account holder self-certifications about the jurisdiction of residence for tax purposes; and require financial institutions to keep records for at least five years that explain the procedures used for identifying these accounts. Also makes consequential amendments to the Income Tax Assessment Act 1997, Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015 and Taxation Administration Act 1953.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 03/12/15  
Second reading moved 03/12/15  
Second reading debate 08/02/16  
Second reading agreed to 08/02/16  
Consideration in detail debate 08/02/16  
Third reading agreed to 08/02/16  
     
Senate
Introduced and read a first time 22/02/16  
Second reading moved 22/02/16  
Second reading debate 23/02/16  
Second reading agreed to 23/02/16  
Committee of the Whole debate 23/02/16  
Committee of the Whole debate 24/02/16 Amendment details: 2 Government and 6 Opposition agreed to
Third reading agreed to 24/02/16  
     
House of Representatives
Message from Senate reported 25/02/16  
Consideration of Senate message 29/02/16 Details: House agreed to Senate amendments
     
Finally passed both Houses 29/02/16  
Assent 18/03/16 Act no: 23 - Year: 2016
     

Text of bill

  • First reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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  • Supplementary explanatory memorandum

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Second reading speeches


Proposed amendments

House of Representatives
  • Non-Government
LEIGH, Andrew, MP

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Senate
  • Government [sheet GB134]

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  • Opposition [sheet 7840 revised3]
DASTYARI, Sen Sam

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Schedules of amendments

  • Schedule of the amendments made by the Senate

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Bills Digest



Notes