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Bills of the current Parliament

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the Income Tax Assessment Act 1997 to: remove a double benefit that can arise in relation to certain deductible liabilities held by an entity that joins a consolidated group; ensure that deferred tax liabilities are disregarded for the purposes of the operation of the entry and exit tax cost setting rules; prevent a double benefit from arising when an entity joins or leaves a consolidated group where the entity has securitised an asset; prevent non-residents churning assets between different consolidated groups to access double deductions; clarify the tax treatment of certain intra-group liabilities and assets between a continuing member of a consolidated group and an exiting member of the consolidated group; and prevent consolidated groups from accessing double deductions by shifting value across entities in the group.

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 15/02/18  
Second reading moved 15/02/18  
Second reading debate 28/02/18  
Second reading agreed to 28/02/18  
Third reading agreed to 28/02/18  
     
Senate
Introduced and read a first time 19/03/18  
Second reading moved 19/03/18  
Second reading debate 22/03/18  
Second reading agreed to 22/03/18  
Third reading agreed to 22/03/18  
     
Finally passed both Houses 22/03/18  
Assent 28/03/18 Act no: 14 - Year: 2018
     

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

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)