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Treasury Laws Amendment (2020 Measures No. 2) Bill 2020

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2019-2020

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

HOUSE OF REPRESENTATIVES

_______________________________

 

Treasury Laws Amendment (2020 Measures No. 2) Bill 2020

_______________________________

 

SCHEDULE OF THE AMENDMENTS MADE BY THE SENATE TO WHICH THE HOUSE OF REPRESENTATIVES HAS DISAGREED

 

(1)     Clause 2, page 2 (at the end of the table), add:

 

6.  Schedule 7

The day after this Act receives the Royal Assent .

 

(2)     Page 29 (after line 10), at the end of the bill, add:

Schedule 7 Financial report ing obligations for large proprietary companies

Part 1 Repeal of instrument

ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840

1  The whole of the instrument

Repeal the instrument.

Part 2 Grandfather ed exemption

Corporations Act 2001

2  Subsection 1408(6) (table item 7)

Repeal the table item.

Part 3 Application

3  Application

(1)       This item applies to a company if, immediately before the commencement of this item, the company was exempted from complying with subsection 319(1) of the Corporations Act 2001 by the ASIC Corporations (Exempt Proprietary Companies ) Instrument 2015/840 .

(2)       Despite the amendments made by Parts 1 and 2, that exemption continues to apply to the company in relation to the 2019-20 financial year.

4  Instruments that provide relief from requirements of Corporations Act—Lodgment of annual reports by large proprietary companies

(1)       Despite anything contained in the Corporations Act 2001 , ASIC may not make a legislative instrument, however described, if that legislative instrument would have the effect of relieving the class of companies referred to in subitem (2) of the requirement to comply with subsection 319(1) of the Act for a financial year.

(2)       The class of companies is the class of large proprietary companies that was relieved from the requirement to comply with subsection 319(1) of the Corporations Act 2001 due to the operation of the ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840 as in force immediately before the commencement of this Schedule.

 

 

_______________________________

 

HOUSE OF REPRESENTATIVES REASONS FOR DISAGREEING

TO THE SENATE AMENDMENTS

 

The issue raised by this amendment is the subject of a recommendation in the Senate Economics Committee’s corporate tax avoidance report, Part I: You cannot tax what you cannot see . The House will not pre-empt the Government’s response to this recommendation as part of its response to the Senate Economics Committee’s corporate tax avoidance reports. The House does not support this last minute amendment to an unrelated bill prior to the Government’s response to the relevant Senate Committee’s report being considered. 

 

In addition, exempt proprietary companies to which the amendment relates are still required to prepare financial reports and have them audited according to accounting and audit standards where required by law, as is appropriate.

 

Accordingly, the House of Representatives does not accept this amendment.

 

 

 

 

CLARESSA SURTEES

Clerk of the House of Representatives

 

House of Representatives

17 June 2020