Bill
Tax Laws Amendment (Tougher Penalties for Country-by-Country Reporting) Bill 2016
lapsed, as at 2016-05-09. (s) LEIGH, Andrew, MP portfolio.
- Sponsor
- Andrew Leigh
- Portfolio
- (s) LEIGH, Andrew, MP
Recorded stages
- introduced — 2016-05-02
- second reading — 2016-05-02
- other — 2016-05-09
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2016-05-02.
This bill is part of a package that would raise the maximum fine for large multinational companies that fail to hand over annual reports on their worldwide profits and tax payments.
The package would amend the Income Tax Assessment Act 1997 to create a new penalty regime, raising the top fine from $5,400 to $270,000.
The Commissioner of Taxation would also be allowed to audit companies that still do not provide the reports after the higher penalty is applied.
- Introduces a new penalty regime for significant global entities that fail to lodge country-by-country reports.
- Increases the maximum penalty for non-compliance from $5,400 to $270,000.
- Gives the Commissioner of Taxation power to audit firms that continue to not lodge their reports after the maximum penalty is applied.
Significant global entities, defined as companies with global turnover above $1 billion, that must provide country-by-country reports to the Commissioner of Taxation.
Sources
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