Bill
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
passed, as at 2020-09-03. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2020-05-13
- second reading — 2020-05-13
- second reading — 2020-06-16
- third reading — 2020-06-16
- introduced — 2020-06-17
- second reading — 2020-06-17
- second reading — 2020-06-17
- second reading — 2020-06-17
- committee — 2020-06-17
- third reading — 2020-06-17
- other — 2020-06-17
- other — 2020-06-17
- other — 2020-06-18
- other — 2020-08-24
- other — 2020-08-25
- passed — 2020-08-25
- royal assent — 2020-09-03
Divisions
- Treasury Laws Amendment (2020 Measures No. 2) Bill 2020 - Second Reading - Speed things along — 2020-06-16, House of Representatives: affirmative, ayes 57, noes 50
- Treasury Laws Amendment (2020 Measures No. 2) Bill 2020 - Consideration of Senate Message - Disagree with Senate amendments — 2020-06-17, House of Representatives: affirmative, ayes 56, noes 52
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/debate/?id=2020-06-17.139.1) "*That the reasons be adopted,*" which means that it succeeded. — 2020-06-17, House of Representatives: affirmative, ayes 56, noes 52
- Treasury Laws Amendment (2020 Measures No. 2) Bill 2020 - Second Reading - Fair Work Commission oversight — 2020-06-17, Senate: affirmative, ayes 30, noes 28
- Treasury Laws Amendment (2020 Measures No. 2) Bill 2020 - in Committee - Exemptions for large proprietary companies — 2020-06-17, Senate: affirmative, ayes 32, noes 28
- Treasury Laws Amendment (2020 Measures No. 2) Bill 2020 - Consideration of House of Representatives Message - Do not insist on amendments — 2020-06-17, Senate: negative, ayes 29, noes 33
- Treasury Laws Amendment (2020 Measures No. 2) Bill 2020 - Consideration of Senate Message - Disagree with Senate amendments — 2020-06-18, House of Representatives: affirmative, ayes 55, noes 49
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2020-05-13.
This bill would amend Australia's hybrid mismatch rules to close tax avoidance loopholes involving trusts, partnerships and cross-border financing.
It would clarify how the rules apply to entities such as deducting hybrids, MEC groups and consolidated groups, and specify that foreign municipal or State taxes are generally not treated as foreign income tax.
The bill would also allow franking benefits on certain Additional Tier 1 capital instrument distributions that give rise to a foreign income tax deduction, and include the deduction amount in the distributing entity's assessable income.
- Clarify the operation of hybrid mismatch rules for trusts and partnerships.
- Ensure the hybrid mismatch integrity rule can apply to financing arrangements designed to circumvent the rules.
- Allow franking benefits on distributions made on Additional Tier 1 capital instruments that give rise to a foreign income tax deduction.
Entities subject to the hybrid mismatch rules, including trusts, partnerships, MEC groups, consolidated groups and issuers of Additional Tier 1 capital instruments.
Sources
em
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