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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014-2015
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax and Superannuation Laws
Amendment (Better Targeting the
Income Tax Transparency Laws) Bill
2015
No. , 2015
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
No. , 2015
Tax and Superannuation Laws Amendment (Better Targeting the
Income Tax Transparency Laws) Bill 2015
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Taxation Administration Act 1953
3
No. , 2015
Tax and Superannuation Laws Amendment (Better Targeting the
Income Tax Transparency Laws) Bill 2015
1
A Bill for an Act to amend the law relating to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Tax and Superannuation Laws
5
Amendment (Better Targeting the Income Tax Transparency Laws)
6
Act 2015.
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2 Commencement
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(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Tax and Superannuation Laws Amendment (Better Targeting the
Income Tax Transparency Laws) Bill 2015
No. , 2015
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
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3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Amendments Schedule 1
No. , 2015
Tax and Superannuation Laws Amendment (Better Targeting the
Income Tax Transparency Laws) Bill 2015
3
Schedule 1
--Amendments
1
2
Taxation Administration Act 1953
3
1 Subsection 3C(1)
4
Repeal the subsection, substitute:
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(1) This section applies to a corporate tax entity for an income year if,
6
according to information reported to the Commissioner in the
7
entity's income tax return for the income year:
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(a) the entity has total income equal to or exceeding $100
9
million for the income year; and
10
(b) at the end of the income year:
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(i) the entity is not an Australian resident that is a private
12
company for the income year; or
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(ii) the entity is a member of a wholly-owned group that has
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a foreign resident ultimate holding company; or
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(iii) the percentage of foreign shareholding in the entity is
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greater than 50%.
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An expression used in this subsection that is also used in the
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Income Tax Assessment Act 1997 has the same meaning as in that
19
Act.
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2 Application of amendment
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The amendment made by this Schedule applies in relation to an entity
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for the 2013-14 income year and each later income year unless the
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Commissioner has, before the commencement of this Schedule, made
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publicly available information about the entity for the income year
25
under subsection 3C(2) of the Taxation Administration Act 1953.
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