Summary

Edit

The majority voted in favour of amendments 8304 and 8303, which were introduced by Tasmanian Senator Peter Whish-Wilson (Greens), which means they will now be included as part of the bill.

What do the amendments do?

Senator Whish-Wilson explained that:

The first amendment on sheet 8304 revised substitutes $50 million for $100 million. This is the threshold at which we want to see disclosure from both private and public companies. Very briefly, the private senator's bill from Labor is to reduce the current disclosure levels from $200 million to $100 million. We'd like to see that go a step further by reducing it to $50 million.

[...]

*In relation to the grandfathering clause, which the Greens have introduced in an amendment to on sheet 8303—financial reporting obligations are under schedule 2, and the grandfathering exemption is part 2 of that sheet under the Corporations Act 2001. As I said, this is an archaic throwback to Mr Paul Keating's government in 1995, that basically cut a deal to allow 1,500 high net worth individuals to not provide their annual statements to ASIC. There can be no reason for this if we're having a debate around tax transparency. The Greens support removing it. I understand that Labor will too, and I certainly hope the crossbench come on board with this. *

Amendment text

Amdt 8304 revised - Taxation Administration Amendment (Corporate Tax Entity Information) Bill 2017

(1) Schedule 1, item 1, page 3 (line 9) omit "$100 million", substitute "$50 million".

Amdt 8303 - Taxation Administration Amendment (Corporate Tax Entity Information) Bill 2017

(1) Page 3 (after line 14), at the end of the Bill, add:

Schedule 2—Financial reporting obligations

Part 1—Repeal of instrument

ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840

1 The whole of the instrument

Repeal the instrument.

Part 2—Grandfathered exemption

Corporations Act 2001

2 Subsection 1408(6) (table item 7)

Repeal the table item.

Part 3—Application

3 Application

(1) This item applies to a company if, immediately before the commencement of this item, the company was exempted from complying with subsection 319(1) of the Corporations Act 2001 by the ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840.

(2) Despite the amendments made by Parts 1 and 2, that exemption continues to apply to the company in relation to the 2017-18 financial year.

Votes Passed by a small majority

There was 1 rebellion in this division.

  • Brian Burston voted No against the majority of the Pauline Hanson's One Nation Party.
Party Votes
Cory Bernardi SA Australian Conservatives No
Australian Greens (100% turnout) 9 Yes 0 No
Andrew Bartlett Queensland Yes
Richard Di Natale Victoria Yes
Sarah Hanson-Young SA Yes
Nick McKim Tasmania Yes
Lee Rhiannon NSW Yes
Janet Rice Victoria Yes
Rachel Siewert WA Yes
Jordon Steele-John WA Yes
Peter Whish-Wilson Tasmania Yes
Australian Labor Party (76% turnout) 19 Yes 0 No
Catryna Bilyk Tasmania Yes
Carol Brown Tasmania Yes
Doug Cameron NSW Yes
Kim Carr Victoria Yes
Anthony Chisholm Queensland Yes
Alex Gallacher SA Yes
Kristina Keneally NSW Yes
Chris Ketter Queensland Yes
Kimberley Kitching Victoria Yes
Gavin Marshall Victoria Yes
Claire Moore Queensland Yes
Deborah O'Neill NSW Yes
Louise Pratt WA Yes
Lisa Singh Tasmania Yes
David Smith ACT Yes
Glenn Sterle WA Yes
Anne Urquhart Tasmania Yes
Murray Watt Queensland Yes
Penny Wong SA Yes
Jacinta Collins Victoria Absent
Patrick Dodson WA Absent
Don Farrell SA Absent
Jenny McAllister NSW Absent
Malarndirri McCarthy NT Absent
Helen Polley Tasmania Absent
Centre Alliance (0% turnout) Absent
Stirling Griff SA Absent
Rex Patrick SA Absent
Nigel Scullion NT Country Liberal Party No
Derryn Hinch Victoria Derryn Hinch's Justice Party Yes
Sue Lines WA Deputy President Yes
Tim Storer SA Independent Yes
Fraser Anning Queensland Independent No
Lucy Gichuhi SA Independent No
Steve Martin Tasmania Independent No
Fraser Anning Queensland Katter's Australian Party Absent
David Leyonhjelm NSW Liberal Democratic Party No
Liberal National Party (50% turnout) 0 Yes 1 No
James McGrath Queensland No
Matthew Canavan Queensland Absent
Liberal Party (78% turnout) 0 Yes 18 No
Eric Abetz Tasmania No
Simon Birmingham SA No
Slade Brockman WA No
David Bushby Tasmania No
Michaelia Cash WA No
Richard Colbeck Tasmania No
Jonathon Duniam Tasmania No
David Fawcett SA No
Mitch Fifield Victoria No
Jane Hume Victoria No
Ian Macdonald Queensland No
Jim Molan NSW No
James Paterson Victoria No
Linda Reynolds WA No
Anne Ruston SA No
Zed Seselja ACT No
Dean Smith WA No
Amanda Stoker Queensland No
Mathias Cormann WA Absent
Concetta Fierravanti-Wells NSW Absent
Lucy Gichuhi SA Absent
Marise Payne NSW Absent
Arthur Sinodinos NSW Absent
National Party (67% turnout) 0 Yes 2 No
Bridget McKenzie Victoria No
Barry O'Sullivan Queensland No
John Williams NSW Absent
Nick Xenophon Team (100% turnout) 2 Yes 0 No
Stirling Griff SA Yes
Rex Patrick SA Yes
Pauline Hanson's One Nation Party (150% turnout) 2 Yes 1 No
Peter Georgiou WA Yes
Pauline Hanson Queensland Yes
Brian Burston NSW No
Scott Ryan Victoria President No
Brian Burston NSW United Australia Party Absent
Totals (84% turnout) 35 Yes – 29 No