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

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (Making Sure Multinationals 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 in relation to taxation, and for related purposes

   

   



Contents

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

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

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

Schedule 1—Better targeting the R&D Tax Incentive                                     3

Income Tax Assessment Act 1997                                                                               3

Tax Laws Amendment (Research and Development) Act 2015                            7

Schedule 2—Enhancing the integrity of the R&D Tax Incentive             8

Part 1—Schemes to reduce income tax                                                                 8

Income Tax Assessment Act 1936                                                                               8

Part 2—R&D clawback and catch up amounts                                              11

Income Tax Assessment Act 1997                                                                             11

Income Tax Rates Act 1986                                                                                       30

Income Tax (Transitional Provisions) Act 1997                                                   30

Part 3—Application of amendments                                                                    36

Schedule 3—Improving the administration of the R&D Tax Incentive 37

Part 1—Reporting of information about research and development tax offset    37

Taxation Administration Act 1953                                                                          37

Part 2—Findings about clinical trials and determinations about performance of Board’s functions        39

Industry Research and Development Act 1986                                                     39

Part 3—Delegation by Board and committees                                                43

Industry Research and Development Act 1986                                                     43

Part 4—Extensions of time                                                                                       44

Industry Research and Development Decision-making Principles 2011         44

Schedule 4—Thin capitalisation                                                                                   45

Part 1—Amendments                                                                                                   45

Income Tax Assessment Act 1936                                                                             45

Income Tax Assessment Act 1997                                                                             45

Part 2—Application and transitional provisions                                             48

Schedule 5—Online hotel bookings                                                                            49

A New Tax System (Goods and Services Tax) Act 1999                                       49

Schedule 6—Non-taxable re-importations of refurbished luxury cars 50

A New Tax System (Luxury Car Tax) Act 1999                                                      50

Schedule 7—Significant global entities                                                                     51

Income Tax Assessment Act 1997                                                                             51

Taxation Administration Act 1953                                                                          55

 

 



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

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Making Sure Multinationals 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, 2, 3, 4, 5, 6 and 7

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

 

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.

Note:          The provisions of the Industry Research and Development Decision-making Principles 2011 amended or inserted by this Act, and any other provisions of that instrument, may be amended or repealed by an instrument made under section 32A of the Industry Research and Development Act 1986 (see subsection 13(5) of the Legislation Act 2003 ).