7831

2013-2014-2015

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015

 

 

(Amendments to be moved by Senator Dastyari, on behalf of the Opposition, during consideration in committee of the whole of message no. 494 from the House of Representatives)

(1)     Page 17 (after line 3), at the end of the Bill, add:

Schedule 5 — Reporting of information about corporate tax entities

   

Taxation Administration Act 1953

1  Subsection 3C(1)

Repeal the subsection, substitute:

             (1)  This section applies to an entity if:

                     (a)  the entity is a corporate tax entity (within the meaning of the Income Tax Assessment Act 1997 ); and

                     (b)  the entity has total income equal to or exceeding $100 million for an income year, according to information reported to the Commissioner in the entity’s income tax return (within the meaning of that Act) for the income year.

2  Subsection 3C(2)

Omit “The Commissioner”, substitute “Subject to subsection (2A), the Commissioner.

3  After subsection 3C(2)

Insert:

          (2A)  If:

                     (a)  an entity applies to the Commissioner in writi ng; and

                     (b)  at the end of the income year:

                              (i)  the entity is an Australian resident that is a private company for the income year; or

                             (ii)  the entity is not a member of a wholly-owned group that has a foreign resident ultimate holding company; or

                            (iii)  the percentage of foreign shareholding in the entity is less than 50%; and

                     (c)  the Commissioner is satisfied that to make the information publicly available may be significantly prejudicial to any of the entity’s current or future commercial negotiat ions;

the Commissioner may determine that subsection (2) does not apply in relation to the entity. An expression used in this subsection that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

          (2B)  A determination under subsection (2A) is not a legislative instrument .

4  After subsection 3C(3)

Insert:

          (3A)  The Commissioner must ensure that the information made publicly available under subsection (2) includes:

                     (a)  a statement to the effect that:

                              (i)  the information may not reflect the full financial position of the entity; and

                             (ii)  more comprehensive information may be available from the Australian Securities and Investment Commission; and

                     (b)  the address for the part of the Australian Securities and Investment Commission’s website via which the information referred to in subparagraph (a)(ii) may be found.

5  Application of amendments

The amendments made by this Schedule apply in relation to an entity for the 2013-14 income year and each later income year unless the Commissioner has, before the commencement of this Schedule, made publicly available information about the entity for the income year under subsection 3C(2) of the Taxation Administration Act 1953 .

[reporting of information]