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Bills of the current Parliament

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


Type
Government
Originating house
House of Representatives
Status
Assent
Portfolio
Treasury

Summary

Amends the: Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to: require an entity to use the value of the assets, liabilities and equity capital that are used in its financial statements; remove the ability for an entity to revalue its assets specifically for thin capitalisation purposes; and ensure that non-ADI foreign controlled Australian tax consolidated groups and multiple entry consolidated groups that have foreign investments or operations are treated as both outward investing and inward investing entities; A New Tax System (Goods and Services Tax) Act 1999 to require offshore suppliers of rights or options to use commercial accommodation in Australia to include these supplies in working out their GST turnover; and A New Tax System (Luxury Car Tax) Act 1999 to remove liability for luxury car tax from cars that are re-imported following service, repair or refurbishment overseas.

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 04/07/19  
Second reading moved 04/07/19  
Second reading debate 31/07/19  
Second reading agreed to 31/07/19  
Third reading agreed to 31/07/19  
     
Senate
Introduced and read a first time 01/08/19  
Second reading moved 01/08/19  
Second reading debate 09/09/19  
Second reading agreed to 09/09/19  
Third reading agreed to 09/09/19  
     
Finally passed both Houses 09/09/19  
Assent 13/09/19 Act no: 65 - Year: 2019
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML
  • Supplementary explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)