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Thursday, 3 December 2015
Page: 9905


Senator DI NATALE (VictoriaLeader of the Australian Greens) (19:18): I move the following amendment:

At the end of the motion, add “but agrees to the following amendments in place of that amendment:

(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.

(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.