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Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017

 

No.      , 2017

 

 

 

 

 

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

   

   



Contents

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

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

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

Schedule 1—Diverted profits tax                                                                                   3

Administrative Decisions (Judicial Review) Act 1977                                          3

Income Tax Assessment Act 1936                                                                               3

Income Tax Assessment Act 1997                                                                             13

Taxation Administration Act 1953                                                                          19

Taxation (Interest on Overpayments and Early Payments) Act 1983               26

Schedule 2—Increasing penalties for significant global entities               27

Taxation Administration Act 1953                                                                          27

Schedule 3—Transfer pricing guidelines                                                                31

Income Tax Assessment Act 1997                                                                             31

 

 



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

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Combating Multinational Tax Avoidance) Act 2017 .

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.  Schedule 1, items 1 to 6

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

 

3.  Schedule 1, item 7

At the same time as Part 2 of Schedule 4 to the Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 commences.

However, the provisions do not commence at all if that Part does not commence.

 

4.  Schedule 1, items 8 to 52

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

 

5.  Schedules 2 and 3 

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.