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senate vote 2015-12-03#7

Edited by mackay

on 2015-12-24 12:54:24

Title

Description

  • The majority voted against Senator [Ricky Muir](https://theyvoteforyou.org.au/people/senate/victoria/ricky_muir)'s [amendent](http://www.openaustralia.org.au/senate/?gid=2015-12-03.190.1), which related to the same provisions as the [previous Labor amendment](https://theyvoteforyou.org.au/divisions/senate/2015-12-03/6) and [later Greens amendment](https://theyvoteforyou.org.au/divisions/senate/2015-12-03/8), but with some differences.
  • Read Senator Muir's amendment in its context (at 7:10pm) to compare it.
  • ### What does the bill do?
  • The [bill](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5549) strengthens the laws against [tax avoidance](https://en.wikipedia.org/wiki/Tax_avoidance) for certain multinational entities. It introduces anti-avoidance measures to deal with companies with annual global income of more than $A1 billion that use schemes to avoid having a taxable presence in Australia.
  • The [bill](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5549) strengthens the laws against [tax avoidance](https://en.wikipedia.org/wiki/Tax_avoidance) for certain companies. For example, it introduces anti-avoidance measures to deal with [multinational companies](https://en.wikipedia.org/wiki/Multinational_corporation) with an annual global income of more than $A1 billion that use schemes to avoid having to pay tax in Australia or at least reduce that tax to a minimum.
  • To learn more about the bill, see the [bills digest](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1516a/16bd045).
senate vote 2015-12-03#7

Edited by mackay

on 2015-12-24 12:18:28

Title

  • Bills — Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015; in Committee
  • Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 - in Committee - Tax information of some companies earning over $200m

Description

  • The majority voted against Senator [Ricky Muir](https://theyvoteforyou.org.au/people/senate/victoria/ricky_muir)'s [amendent](http://www.openaustralia.org.au/senate/?gid=2015-12-03.190.1), which related to the same sections as the [previous Labor amendment](https://theyvoteforyou.org.au/divisions/senate/2015-12-03/6), but with some differences.
  • The majority voted against Senator [Ricky Muir](https://theyvoteforyou.org.au/people/senate/victoria/ricky_muir)'s [amendent](http://www.openaustralia.org.au/senate/?gid=2015-12-03.190.1), which related to the same provisions as the [previous Labor amendment](https://theyvoteforyou.org.au/divisions/senate/2015-12-03/6) and [later Greens amendment](https://theyvoteforyou.org.au/divisions/senate/2015-12-03/8), but with some differences.
  • Read Senator Muir's amendment in its context (at 7:10pm) to compare it.
  • ### What does the bill do?
  • The [bill](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5549) strengthens the laws against [tax avoidance](https://en.wikipedia.org/wiki/Tax_avoidance) for certain multinational entities. It introduces anti-avoidance measures to deal with companies with annual global income of more than $A1 billion that use schemes to avoid having a taxable presence in Australia.
  • To learn more about the bill, see the [bills digest](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1516a/16bd045).
senate vote 2015-12-03#7

Edited by mackay

on 2015-12-24 12:15:15

Title

Description

  • <p class="speaker">Ricky Muir</p>
  • <p>I move:</p>
  • <p class="italic">(1) Page 17 (after line 3), at the end of the Bill, add:</p>
  • The majority voted against Senator [Ricky Muir](https://theyvoteforyou.org.au/people/senate/victoria/ricky_muir)'s [amendent](http://www.openaustralia.org.au/senate/?gid=2015-12-03.190.1), which related to the same sections as the [previous Labor amendment](https://theyvoteforyou.org.au/divisions/senate/2015-12-03/6), but with some differences.
  • Read Senator Muir's amendment in its context (at 7:10pm) to compare it.
  • ### What does the bill do?
  • The [bill](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5549) strengthens the laws against [tax avoidance](https://en.wikipedia.org/wiki/Tax_avoidance) for certain multinational entities. It introduces anti-avoidance measures to deal with companies with annual global income of more than $A1 billion that use schemes to avoid having a taxable presence in Australia.
  • To learn more about the bill, see the [bills digest](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1516a/16bd045).
  • <p class="italic">Schedule 5&#8212;Reporting of information about corporate tax entities</p>
  • <p class="italic"> <i>Taxation Administration Act 1953</i></p>
  • <p class="italic">1 Paragraphs 3C(1)(a) and (b)</p>
  • <p class="italic">Repeal the paragraphs, substitute:</p>
  • <p class="italic">&#160;&#160;(a) the entity has total income equal to or exceeding $100 million for the income year and, at the end of the income year:</p>
  • <p class="italic">&#160;&#160;&#160;&#160;&#160;(i) the entity is not an Australian resident that is a private company for the income year; or</p>
  • <p class="italic">&#160;&#160;&#160;&#160;&#160;(ii) the entity is a member of a wholly-owned group that has a foreign resident ultimate holding company; or</p>
  • <p class="italic">&#160;&#160;&#160;&#160;&#160;(iii) the percentage of foreign shareholding in the entity is greater than 50%; or</p>
  • <p class="italic">&#160;&#160;&#160;&#160;&#160;(b) the entity has total income equal to or exceeding $200 million for the income year and, at the end of the income year;</p>
  • <p class="italic">&#160;&#160;(i) the entity is an Australian resident that is a private company for the income year; and</p>
  • <p class="italic">&#160;&#160;(ii) the entity is a large proprietary company within the meaning of the <i>Corporations Act 2001</i>.</p>
  • <p class="italic">2 After subsection 3C(3)</p>
  • <p class="italic">Insert:</p>
  • <p class="italic">(3A) The Commissioner must ensure that the information made publicly available under subsection (2) includes:</p>
  • <p class="italic">&#160;&#160;(a) a statement to the effect that:</p>
  • <p class="italic">&#160;&#160;&#160;&#160;&#160;(i) the information may not reflect the full financial position of the entity; and</p>
  • <p class="italic">&#160;&#160;&#160;&#160;&#160;(ii) more comprehensive information may be available from the Australian Securities and Investment Commission; and</p>
  • <p class="italic">&#160;&#160;(b) the address for the part of the Australian Securities and Investment Commission's website via which the information referred to in subparagraph (a)(ii) may be found.</p>
  • <p class="italic">3 Application of amendments</p>
  • <p class="italic">&#160;&#160;The amendments made by this Schedule apply in relation to an entity for the 2013-14 income year and each later income year unless the Commissioner has, before the commencement of this Schedule, made publicly available information about the entity for the income year under subsection 3C(2) of the <i>Taxation Administration Act 1953</i>.</p>
  • <p></p>
  • <p>The CHAIRMAN: The question is that Senator Muir's amendment on sheet 7832, which replaces amendment (3), with which the House has disagreed, be agreed to.</p>