Bill
Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018
passed, as at 2018-10-03. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2018-02-07
- second reading — 2018-02-07
- second reading — 2018-05-30
- second reading — 2018-05-30
- committee — 2018-05-30
- third reading — 2018-05-30
- introduced — 2018-06-18
- second reading — 2018-06-18
- second reading — 2018-09-12
- second reading — 2018-09-13
- second reading — 2018-09-17
- second reading — 2018-09-17
- committee — 2018-09-17
- third reading — 2018-09-17
- other — 2018-09-18
- passed — 2018-09-18
- royal assent — 2018-10-03
Divisions
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?id=2018-09-17.19.2) introduced by Greens Senator [Peter Whish-Wilson](https://theyvoteforyou.org.au/people/senate/tasmania/peter_whish-wilson), which means the words below will be added to the usual [second reading motion](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html) "that the bill be read a second time" (which is parliamentary jargon for "that the main idea of the bill be agreed to"). ### Motion text > *At the end of the motion, add "but the Senate:* > *(a) notes that:* >> *(i) the explanatory memorandum to the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 forecast a second tranche of legislation that would regulate real estate agents, jewellers, and a range of non-financial transactions provided by accountants and lawyers,* >> *(ii) in April 2016, the Government released the statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 that contained a recommendation for the Government to develop options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers under the Act,* >> *(iii) the Government commenced consultation on the regulation of lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers under the Act, and submissions to this consultation closed in January 2017,* >> *(iv) the Financial Action Task Force's April 2015 Mutual Evaluation Report on Australia's measures to combat money laundering and terrorist financing stated that Australia is an attractive destination for foreign proceeds of crime, particularly corruption-related proceeds flowing into real estate, and* >> *(v) the December 2017 OECD Phase 4 Report on Australia's implementation of the OECD Anti-Bribery Convention recommended that Australia address the risk that the real estate sector could be used to launder the proceed — 2018-09-17, Senate: affirmative, ayes 32, noes 29
- Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018 - in Committee - Put the question — 2018-09-17, Senate: affirmative, ayes 38, noes 30
- Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018 - in Committee - Put the question — 2018-09-17, Senate: affirmative, ayes 31, noes 29
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2018-02-07.
The bill would make it a crime to make, sell, own or use devices that hide sales from the tax office.
Strict liability offences would apply, with penalties similar to those for promoting tax avoidance schemes.
Defences would be available for conduct aimed at preventing tax evasion or enforcing tax law.
- Creates new offences for making, distributing, possessing or using sales suppression tools.
- Applies strict liability to these offences.
- Sets penalties comparable to those for promoting tax exploitation schemes.
- Provides offence-specific defences for legitimate purposes.
Entities with Australian tax obligations and anyone involved in producing, distributing, possessing or using electronic sales suppression tools.
Sources
em
em supp
em revised
billhome
frl act