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Bills of the current Parliament

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


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



Type
Government
Originating house
House of Representatives
Status
Before Reps
Portfolio
Treasury

Summary

Introduced with the Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2018 and Income Tax Rates Amendment (Sovereign Entities) Bill 2018, the bill amends the: Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to limit access to tax concessions for foreign investors by increasing the managed investment trust (MIT) withholding rate on fund payments that are attributable to non-concessional MIT income (including MIT cross staple arrangement income) to 30 per cent; Income Tax Assessment Act 1997 to modify the thin capitalisation rules to prevent double gearing structures; Income Tax Assessment Act 1936 to limit access to tax concessions for foreign investors by limiting the withholding tax exemption for superannuation funds for foreign residents; and Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to limit access to tax concessions for foreign investors by codifying and limiting the scope of the sovereign immunity tax exemption.

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 20/09/18  
Second reading moved 20/09/18  
Second reading debate 12/02/19  
Second reading debate 13/02/19  
Second reading debate 14/02/19  
Second reading agreed to 14/02/19  
Consideration in detail debate 14/02/19 Amendment details: 2 Government agreed to
Third reading agreed to 14/02/19  
     

Text of bill

  • First reading

MS-Word PDF HTML
  • Third reading

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML
  • Supplementary explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

House of Representatives
  • Government [sheet HG249]

MS-Word PDF HTML
Senate
  • Australian Greens [sheet 8586]
WHISH-WILSON, Sen Peter

MS-Word PDF HTML

Schedules of amendments

Bills Digest



Notes