Bill
Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019
passed, as at 2019-09-13. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2019-07-04
- second reading — 2019-07-04
- second reading — 2019-07-31
- second reading — 2019-07-31
- third reading — 2019-07-31
- introduced — 2019-08-01
- second reading — 2019-08-01
- second reading — 2019-09-09
- second reading — 2019-09-09
- third reading — 2019-09-09
- passed — 2019-09-09
- royal assent — 2019-09-13
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 2019-07-04.
The bill would change tax rules to make it harder for multinational companies to reduce their Australian tax through debt arrangements.
It would require businesses to use the same values for assets, liabilities and equity in their thin capitalisation calculations as they do in their financial statements, and stop them from revaluing assets just for those calculations.
Certain corporate groups with foreign investments or operations would be treated as both outward and inward investing entities under the tightened rules.
- The bill would require entities to use financial-statement values for thin capitalisation calculations.
- The bill would remove the ability to revalue assets specifically for thin capitalisation purposes.
- The bill would treat certain corporate groups with foreign investments as both outward and inward investing entities.
Multinational companies and corporate groups with foreign investments or operations that are subject to Australia's thin capitalisation rules.
Sources
em
billhome
frl act