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Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019


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Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018



Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Introduced with the Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2018 and Income Tax Rates Amendment (Sovereign Entities) Bill 2018, the bill amends the: Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to limit access to tax concessions for foreign investors by increasing the managed investment trust (MIT) withholding rate on fund payments that are attributable to non-concessional MIT income (including MIT cross staple arrangement income) to 30 per cent; Income Tax Assessment Act 1997 to modify the thin capitalisation rules to prevent double gearing structures; Income Tax Assessment Act 1936 to limit access to tax concessions for foreign investors by limiting the withholding tax exemption for superannuation funds for foreign residents; and Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to limit access to tax concessions for foreign investors by codifying and limiting the scope of the sovereign immunity tax exemption.

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 20/09/18  
Second reading moved 20/09/18  
Second reading debate 12/02/19  
Second reading debate 13/02/19  
Second reading debate 14/02/19  
Second reading agreed to 14/02/19  
Consideration in detail debate 14/02/19 Amendment details: 2 Government agreed to
Third reading agreed to 14/02/19  
     
Senate
Introduced and read a first time 02/04/19  
Second reading moved 02/04/19  
Second reading agreed to 03/04/19  
Third reading agreed to 03/04/19  
     
Finally passed both Houses 03/04/19  
Assent 05/04/19 Act no: 34 - Year: 2019
     

Text of bill

  • First reading

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  • Third 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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  • Revised explanatory memorandum

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Second reading speeches


Proposed amendments

House of Representatives
  • Government [sheet HG249]

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Senate
  • Australian Greens [sheet 8586 revised]
WHISH-WILSON, Sen Peter

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Schedules of amendments

Bills Digest



Notes