Bill
Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2015
passed, as at 2016-03-18. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2015-12-03
- second reading — 2015-12-03
- second reading — 2016-02-08
- second reading — 2016-02-08
- committee — 2016-02-08
- third reading — 2016-02-08
- introduced — 2016-02-22
- second reading — 2016-02-22
- second reading — 2016-02-23
- second reading — 2016-02-23
- committee — 2016-02-23
- committee — 2016-02-24
- third reading — 2016-02-24
- other — 2016-02-25
- other — 2016-02-29
- passed — 2016-02-29
- royal assent — 2016-03-18
Divisions
- Andrew Leigh by leave—I move amendments (1) and (2) together: (1) Schedule 1, item 14, page 15 (cell at table item 6, column 2), omit "2019", substitute "2018". (2) Schedule 1, item 15, page 16 (lines 22 to 33), omit subitem (3), substitute: _ Statements_ (3) Despite subsection 396-105(6) in Schedule 1 to the _Taxation Administration Act 1953_, to the extent that a statement under subsection 396-105(2) in that Schedule for 2017 relates to an account that is a Lower Value Account (within the meaning of the CRS), the statement must be given to the Commissioner no later than 31 July 2019. Note: Section 388-55 in that Schedule allows the Commissioner to defer the time for giving an approved form. It is a sad day for this House when the assistant minister—who has now been in this place for nearly a decade—gets confused as to the periods in the debate when one moves a second reading amendment and when one moves a detailed amendment. As a member of nine years standing ought to know, the time for moving a detailed amendment is now, and I am now doing so. This detailed amendment—moved at the proper time, Assistant Minister—is not a controversial one. It simply suggests that Australia's timetable for implementing the Common Reporting Standard should be the same as those of the 40 countries that are moving to implement corporate reporting in 2018. That would bring corporate reporting into line with the reporting for high-income individuals. It is not a controversial amendment. It should be supported by any government worth its salt. Any government that is interested in taking multinational tax avoidance seriously ought to be willing to move on the Common Reporting Standard in line with other countries. I foreshadowed this amendment, in my second reading debate speech, earlier. It is a very straightforward amendment, one which simply changes the date in a bill. It does so to ensure that Australia is not a laggard when it comes to dealing with multinational tax avoidance. Multin — 2016-02-08, House of Representatives: negative, ayes 53, noes 86
- The majority voted against an [amendment](http://www.openaustralia.org.au/debates/?id=2016-02-08.104.1) to the [bill](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5581), which was introduced by Labor MP [Andrew Leigh](https://theyvoteforyou.org.au/people/representatives/fraser/andrew_leigh). The bill implements the [Common Reporting Standard](https://en.wikipedia.org/wiki/Common_Reporting_Standard), which is an agreement to exchange information about their residents' assets and incomes. Mr Leigh's amendment would have changed the date when the bill would commence from 2019 to 2018. This change would have meant that Australia's implementation of the [Common Reporting Standard](https://en.wikipedia.org/wiki/Common_Reporting_Standard) would be at the same time as 40 other countries in 2018, which [Senator Leigh explained](http://www.openaustralia.org.au/debates/?id=2016-02-08.104.1) would "*ensure that Australia is not a laggard when it comes to dealing with multinational tax avoidance*". Learn more about the bill in the [bills digest](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1516a/16bd083). — 2016-02-08, House of Representatives: negative, ayes 54, noes 86
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2015-12-03.
This bill would adopt an international standard for sharing financial account information between countries to fight tax evasion.
The Australian Taxation Office (ATO) would exchange data on foreign account holders with other tax authorities under the new rules.
The standard was developed by the OECD with G20 countries and the European Union, but the explanatory memorandum does not specify when the changes would start.
- Adopt the Common Reporting Standard into Australian law.
- Require the ATO to exchange information on foreign resident account holders with other jurisdictions.
- Align Australia with a global model for financial account reporting.
Financial institutions and foreign resident account holders, as well as the Australian Taxation Office.
Sources
em
em supp
billhome
frl act