Bill
Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019
passed, as at 2019-04-05. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2018-09-20
- second reading — 2018-09-20
- second reading — 2019-02-12
- second reading — 2019-02-13
- second reading — 2019-02-14
- second reading — 2019-02-14
- committee — 2019-02-14
- third reading — 2019-02-14
- introduced — 2019-04-02
- second reading — 2019-04-02
- second reading — 2019-04-03
- third reading — 2019-04-03
- passed — 2019-04-03
- royal assent — 2019-04-05
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 2018-09-20.
This bill is part of a package that would tighten tax rules for foreign investors in Australia.
The package would increase the withholding tax rate on certain managed investment trust payments to 30 per cent, matching the top corporate rate.
It would also limit tax exemptions for foreign superannuation funds and sovereign entities, and restrict double gearing through thin capitalisation rules.
- Raises the managed investment trust withholding rate on non-concessional income to 30 per cent.
- Limits the withholding tax exemption for foreign superannuation funds.
- Codifies and narrows the sovereign immunity tax exemption.
- Modifies thin capitalisation rules to prevent double gearing structures.
- Improves integrity rules for stapled structures.
Foreign investors in Australian managed investment trusts, stapled structures, and entities claiming sovereign immunity or superannuation fund tax concessions.
Sources
em
em supp
em revised
billhome
frl act