The majority voted in favour of a motion to pass the bill in the Senate, which means the bill will now go to the House of Representatives for their consideration. In parliamentary jargon, they voted to read the bill for a third time.
What does the bill do?
This bill implements a very specific tax transparency measure. The Taxation Administration Amendment (Corporate Tax Entity Information) Bill 2017 amends the Taxation Administration Act 1953 to require the Commissioner of Taxation to publicly release tax data for large private firms with turnover of $100 million or over. This is as Labor originally legislated in 2013 in the Tax Laws Amendment (2013 Measures No. 2) Bill 2013. Section 3C of the act details the type of income and tax information the Commissioner of Taxation is required to make publicly available annually for corporate entities. The bill addresses a prominent deficiency in the tax transparency regime that arose after amendments were made in 2015 and it brings approximately 600 large companies into the tax transparency regime.