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

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

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

 

No.      , 2018

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation, and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Non-concessional MIT income                                                           4

Part 1—Main amendments                                                                                          4

Income Tax Assessment Act 1997                                                                               4

Taxation Administration Act 1953                                                                            6

Part 2—Definitions                                                                                                       31

Income Tax Assessment Act 1997                                                                             31

Part 3—Other amendments                                                                                       33

Administrative Decisions (Judicial Review) Act 1977                                        33

Income Tax Assessment Act 1936                                                                             33

Part 4—Application and transitional provisions                                             34

Schedule 2—Thin capitalisation                                                                                   35

Income Tax Assessment Act 1997                                                                             35

Schedule 3—Superannuation funds for foreign residents withholding tax exemption    37

Part 1—Amendments                                                                                                   37

Income Tax Assessment Act 1936                                                                             37

Part 2—Application provisions                                                                               40

Schedule 4—Sovereign immunity                                                                                41

Part 1—Amendments                                                                                                   41

Income Tax Assessment Act 1936                                                                             41

Income Tax Assessment Act 1997                                                                             41

Part 2—Application and transitional provisions                                             52

Income Tax (Transitional Provisions) Act 1997                                                   52

Part 3—Definitions                                                                                                       56

Income Tax Assessment Act 1997                                                                             56

Schedule 5—Contingent amendments relating to definition of provide affordable housing        57

Part 1—Main amendments                                                                                        57

Income Tax Assessment Act 1997                                                                             57

Taxation Administration Act 1953                                                                          59

Part 2—Other amendments                                                                                       61

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Act 2018           61

 

 



A Bill for an Act to amend the law relating to taxation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Act 2018 .

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.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 to 4

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

3.  Schedule 5, Part 1

At the same time as the provisions covered by table item 2.

However, the provisions do not commence at all if Schedule 3 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Act 2018 commences on or before that time.

 

4.  Schedule 5, Part 2

Immediately after the commencement of Schedule 3 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Act 2018 .

However, the provisions do not commence at all if that Schedule commences on or before the time the provisions covered by table item 2 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   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.