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Treasury Laws Amendment (Tax Integrity and Other Measures No. 2) Bill 2018


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Income Tax Assessment Act 1997 to: implement the OECD hybrid mismatch rules by preventing entities that are liable to income tax in Australia from being able to avoid income taxation, or obtain a double non-taxation benefit, by exploiting differences between the tax treatment of entities and instruments across difference countries; deny imputation benefits on franked distributions made by an Australian corporate tax entity if all or part of the distribution gives rise to a foreign income deduction; clarify the expenditure that can be claimed under the film producer offset for films undertaking principal photography overseas; and include the Melbourne Korean War Memorial Committee Incorporated as a specifically listed deductible gift recipient between 1 January 2018 and 31 December 2019; and Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to: implement the OECD hybrid mismatch rules by limiting the scope of the exemption for foreign branch income and preventing a deduction from arising for payments made by an Australian branch of a foreign bank to its head office in certain circumstances; prevent certain foreign equity distributions received by an Australian corporate tax entity from being non assessable non-exempt income if all or part of the distribution gives rise to a foreign income tax deduction; and provide an income tax exemption for the International Cricket Council Business Corporation FZ-LLC (IBC) and exempt from withholding tax payments of interest, dividend and royalties made to the IBC, for a five-year period.

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 24/05/18  
Second reading moved 24/05/18  
Second reading debate 25/06/18  
Second reading agreed to 25/06/18  
Consideration in detail debate 25/06/18 Amendment details: 1 Opposition agreed to
Third reading agreed to 25/06/18  
     
Senate
Introduced and read a first time 27/06/18  
Second reading moved 27/06/18  
Second reading debate 16/08/18  
Second reading agreed to 16/08/18  
Third reading agreed to 16/08/18  
     
Finally passed both Houses 16/08/18  
Assent 24/08/18 Act no: 84 - Year: 2018
     

Text of bill

  • First reading

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  • Third reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML
  • Revised explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

House of Representatives
  • Non-Government
LEIGH, Andrew, MP

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Schedules of amendments

Bills Digest



Notes