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This is a Bill, not an Act. For current law, see the Acts databases.
2019
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Treasury Laws Amendment (Making
Sure Multinationals Pay Their Fair
Share of Tax in Australia and Other
Measures) Bill 2019
No. , 2019
(Treasury)
A Bill for an Act to amend the law in relation to
taxation, and for related purposes
No. , 2019
Treasury Laws Amendment (Making Sure Multinationals Pay Their
Fair Share of Tax in Australia and Other Measures) Bill 2019
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Thin capitalisation
3
Part 1--Amendments
3
Income Tax Assessment Act 1936
3
Income Tax Assessment Act 1997
3
Part 2--Application and transitional provisions
6
Schedule 2--Online hotel bookings
7
A New Tax System (Goods and Services Tax) Act 1999
7
Schedule 3--Non-taxable re-importations of refurbished
luxury cars
8
A New Tax System (Luxury Car Tax) Act 1999
8
No. , 2019
Treasury Laws Amendment (Making Sure Multinationals Pay Their
Fair Share of Tax in Australia and Other Measures) Bill 2019
1
A Bill for an Act to amend the law in relation to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the Treasury Laws Amendment (Making Sure
5
Multinationals Pay Their Fair Share of Tax in Australia and Other
6
Measures) Act 2019.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Treasury Laws Amendment (Making Sure Multinationals Pay Their
Fair Share of Tax in Australia and Other Measures) Bill 2019
No. , 2019
1
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. Schedules 1, 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
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Thin capitalisation Schedule 1
Amendments Part 1
No. , 2019
Treasury Laws Amendment (Making Sure Multinationals Pay Their
Fair Share of Tax in Australia and Other Measures) Bill 2019
3
Schedule 1--Thin capitalisation
1
Part 1--Amendments
2
Income Tax Assessment Act 1936
3
1 Subsection 262A(2AA)
4
Omit ", 820-980 or 820-985", substitute "or 820-980".
5
2 Paragraph 262A(3)(d)
6
Omit "; and", substitute ".".
7
3 Paragraph 262A(3)(e)
8
Repeal the paragraph.
9
Income Tax Assessment Act 1997
10
4 Paragraph 820-583(5)(b)
11
Omit ";", substitute ".".
12
5 Subsection 820-583(5)
13
Omit all the words after paragraph (b).
14
6 Paragraph 820-583(6)(c)
15
Omit ";", substitute ".".
16
7 Subsection 820-583(6)
17
Omit all the words after paragraph (c).
18
8 Paragraph 820-680(1)(a)
19
Omit "(including revaluing its assets for the purposes of that
20
calculation)".
21
9 Subsection 820-680(1) (note)
22
Omit ", 820-682, 820-683 and 820-684", substitute "and 820-682".
23
Schedule 1 Thin capitalisation
Part 1 Amendments
4
Treasury Laws Amendment (Making Sure Multinationals Pay Their
Fair Share of Tax in Australia and Other Measures) Bill 2019
No. , 2019
10 Subsection 820-680(1A) (note)
1
Omit "sections 820-682 and 820-683", substitute "section 820-682".
2
11 Subsections 820-680(2) to (2E)
3
Repeal the subsections, substitute:
4
(2) If:
5
(a) an entity is required by an Australian law to prepare financial
6
statements for a period in accordance with the
*
accounting
7
standards; and
8
(b) a matter mentioned in subsection (1) is determined or
9
calculated in accordance with the accounting standards for
10
the purposes of the financial statements in relation to the
11
period;
12
then, for the purposes of this Division, the matter is to be
13
determined or calculated in relation to the period, or any part of the
14
period, in the same way as it is determined or calculated in the
15
financial statements.
16
(3) If:
17
(a) a period in relation to which a matter mentioned in
18
subsection (1) is determined or calculated (the current
19
period) is not the same as a period in relation to which
20
paragraphs (2)(a) and (b) are satisfied; and
21
(b) the current period overlaps with one or more periods in
22
relation to which paragraphs (2)(a) and (b) are satisfied;
23
then, for the purposes of this Division, the matter is to be
24
determined or calculated in relation to the current period in the
25
same way as it is determined or calculated in the financial
26
statements for the most recent of the overlapping periods.
27
12 Subsections 820-682(1) and (2)
28
Omit "subsections 820-680(1) and (1A)", substitute
29
"subsections 820-680(1), (1A) and (2)".
30
13 Sections 820-683 and 820-684
31
Repeal the sections.
32
Thin capitalisation Schedule 1
Amendments Part 1
No. , 2019
Treasury Laws Amendment (Making Sure Multinationals Pay Their
Fair Share of Tax in Australia and Other Measures) Bill 2019
5
14 Paragraph 820-933(4)(b)
1
Omit ", 820-682, 820-683 and 820-684", substitute "and 820-682".
2
15 Group heading (before section 820-985)
3
Repeal the heading.
4
16 Section 820-985
5
Repeal the section.
6
Schedule 1 Thin capitalisation
Part 2 Application and transitional provisions
6
Treasury Laws Amendment (Making Sure Multinationals Pay Their
Fair Share of Tax in Australia and Other Measures) Bill 2019
No. , 2019
Part 2--Application and transitional provisions
1
17 Revaluation of assets
2
(1)
The amendments made by items 1 to 3 and items 8 to 16 of this
3
Schedule apply in relation to any of the following carried out for the
4
purposes of Division 820 of the Income Tax Assessment Act 1997 after
5
7.30 pm, by legal time in the Australian Capital Territory, on 8 May
6
2018 (the transition time):
7
(a) a determination that an asset or liability is an asset or liability
8
of an entity (including a determination that the entity has an
9
asset or liability at a particular time);
10
(b) a calculation of:
11
(i) the value of an entity's assets; or
12
(ii) the value of an entity's liabilities (including its debt
13
capital); or
14
(iii) the value of an entity's equity capital.
15
(2)
If any of the matters mentioned in subitem (1) have been determined or
16
calculated before the transition time:
17
(a) only the most recent of those determinations or calculations
18
that comply with Division 820 of the Income Tax Assessment
19
Act 1997, as in force at the time the determination or
20
calculation was made, may be used by the entity for the
21
purposes of that Division on or after the transition time; and
22
(b) those determinations or calculations may only be used by the
23
entity for the purposes of Division 820 of that Act for income
24
years beginning before 1 July 2019.
25
18 Classification of head company
26
The amendments made by items 4 to 7 of this Schedule apply in relation
27
to income years beginning on or after 1 July 2019.
28
Online hotel bookings Schedule 2
No. , 2019
Treasury Laws Amendment (Making Sure Multinationals Pay Their
Fair Share of Tax in Australia and Other Measures) Bill 2019
7
Schedule 2--Online hotel bookings
1
2
A New Tax System (Goods and Services Tax) Act 1999
3
1 Paragraph 83-5(2)(c)
4
Omit "or (c)" (wherever occurring).
5
2 Subsection 151-5(2)
6
Omit "or (c)" (wherever occurring).
7
3 Paragraphs 188-15(3)(c) and 188-20(3)(c)
8
Repeal the paragraphs.
9
4 Application
10
The amendments made by this Schedule apply in relation to a supply:
11
(a) for which consideration is first received on or after 1 July
12
2019; or
13
(b) if, before any consideration is received for the supply, an
14
invoice is issued relation to the supply--for which an invoice
15
is issued on or after 1 July 2019.
16
Schedule 3 Non-taxable re-importations of refurbished luxury cars
8
Treasury Laws Amendment (Making Sure Multinationals Pay Their
Fair Share of Tax in Australia and Other Measures) Bill 2019
No. , 2019
Schedule 3--Non-taxable re-importations of
1
refurbished luxury cars
2
3
A New Tax System (Luxury Car Tax) Act 1999
4
1 After subsection 7-20(1)
5
Insert:
6
(1A) An
*
importation of a
*
car is a non-taxable re-importation if:
7
(a) the car was exported from the indirect tax zone and is
8
returned to the indirect tax zone; and
9
(b) the car has been subject to any treatment, industrial
10
processing, repair, renovation, alteration or any other process
11
since its export; and
12
(c) the ownership of the car has not changed in the period
13
beginning immediately before the car was exported and
14
ending at the time it is returned to the indirect tax zone.
15
2 Application
16
The amendment made by this Schedule applies in relation to
17
importations occurring on or after 1 January 2019.
18