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

2016-2017-2018-2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As read a third time

 

 

 

 

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

 

No.      , 2019

 

 

 

 

 

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                                                           3

Part 1—Main amendments                                                                                          3

Income Tax Assessment Act 1997                                                                               3

Taxation Administration Act 1953                                                                            5

Part 2—Definitions                                                                                                       30

Income Tax Assessment Act 1997                                                                             30

Part 3—Other amendments                                                                                       32

Administrative Decisions (Judicial Review) Act 1977                                        32

Income Tax Assessment Act 1936                                                                             32

Part 4—Application and transitional provisions                                             33

Schedule 2—Thin capitalisation                                                                                   34

Income Tax Assessment Act 1997                                                                             34

Schedule 3—Superannuation funds for foreign residents withholding tax exemption    36

Part 1—Amendments                                                                                                   36

Income Tax Assessment Act 1936                                                                             36

Part 2—Application provisions                                                                               39

Schedule 4—Sovereign immunity                                                                                40

Part 1—Amendments                                                                                                   40

Income Tax Assessment Act 1936                                                                             40

Income Tax Assessment Act 1997                                                                             40

Part 2—Application and transitional provisions                                             51

Income Tax (Transitional Provisions) Act 1997                                                   51

Part 3—Definitions                                                                                                       55

Income Tax Assessment Act 1997                                                                             55

Schedule 5—Contingent amendments relating to definition of provide affordable housing        56

Part 1—Main amendments                                                                                        56

Income Tax Assessment Act 1997                                                                             56

Taxation Administration Act 1953                                                                          58

Part 2—Other amendments                                                                                       60

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Act 2019           60

 

 



This Bill originated in the House of Representatives; and, having this day passed, is now ready for presentation to the Senate for its concurrence.

D. R. ELDER

Clerk of the House of Representatives

House of Representatives

14 February 2019

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 2019 .

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 2019 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 2019 .

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.