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

Order of the day read for the adjourned debate on the motion of the Assistant Minister for Agriculture and Water Resources (Senator Ruston)—That this bill be now read a second time.

Debate resumed.

Question put and passed.

Bill read a second time.

The Senate resolved itself into committee for the consideration of the bill.

 

 

 

In the committee

Bill, taken as a whole by leave, debated.

Senator Xenophon moved the following amendment:

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.

Debate ensued.

Question—That the amendment be agreed to—put.

The committee divided—

AYES, 34

Senators—

Brown

Hanson-Young

McKim

Siewert

Bullock

Ketter

Moore

Simms

Cameron

Lambie

Muir

Singh

Carr

Lazarus

O’Neill

Sterle

Conroy

Lines

Peris

Urquhart (Teller)

Dastyari

Ludwig

Polley

Waters

Di Natale

Madigan

Rhiannon

Whish-Wilson

Gallacher

Marshall

Rice

Xenophon

Gallagher

McAllister

 

 

 

NOES, 27

Senators—

Abetz

Cormann

Leyonhjelm

Ruston

Back

Day

Lindgren

Ryan

Bernardi

Edwards

McGrath

Scullion

Birmingham

Fawcett (Teller)

McKenzie

Seselja

Bushby

Fierravanti-Wells

Parry

Wang

Canavan

Fifield

Reynolds

Williams

Cash

Johnston

Ronaldson

 

 

 

Question agreed to.

Senator Whish-Wilson moved the following amendment:

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

4A   After section 3C

Insert:

3D   Consolidation of accounts for entities with total global revenue of $500 million or more

     (1)   This section applies to an entity for an income year if the entity has total global revenue equal to or exceeding $500 million:

                              (a)  if the entity is a member of a group of entities that are consolidated for accounting purposes as a single group—as shown in financial statements prepared and audited in relation to all members of the group; or

                              (b)  otherwise—as shown in financial statements prepared and audited in relation to that entity.

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

                              (a)  if paragraph (1)(a) applies—the group of entities consolidated as a single group; or

                              (b)  if paragraph (1)(b) applies—the entity.

     (3)   For the purposes of this section, financial statements and general purpose financial statements 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).

     (4)   The Commissioner must give a copy of the general purpose financial statements to the Australian Securities and Investments Commission.

     (5)   In this section:

accounting principles has the same meaning as in the Income Tax Assessment Act 1997 .

auditing principles has the same meaning as in the Income Tax Assessment Act 1997 .

Debate ensued.

Question—That the amendment be agreed to—put and negatived.

Bill, as amended, debated.

 

 

 

At 7.20 pm : The Acting Deputy President (Senator Back) resumed the chair and the Chair of Committees (Senator Marshall) reported progress.