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Diverted Profits Tax Bill 2017

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Diverted Profits Tax Bill 2017

 

No.      , 2017

 

 

 

 

 

A Bill for an Act to impose diverted profits tax, and for related purposes

   

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Imposition of tax................................................................................. 2

4............ Rate of tax........................................................................................... 2

 



A Bill for an Act to impose diverted profits tax, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Diverted Profits Tax Act 2017 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

At the same time as item 13 of Schedule 1 to the Treasury Laws Amendment (Combating Multinational Tax Avoidance) Act 2017 commences.

However, the provisions do not commence at all if that item does not commence.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Imposition of tax

                   Tax payable in accordance with section 177P of the Income Tax Assessment Act 1936 is imposed.

4   Rate of tax

                   The rate of tax imposed by this Act is 40%.

(11/17)