Australian Taxation Office

New or updated materials on ATO website, including:

Legislation cleared for introduction

The following tax-related Bills have been cleared for introduction into Federal Parliament (these Bills are not scheduled to be introduced into the House of Representatives today):

  • Tax Laws Amendment (Gifts) Bill
  • Treasury Legislation Amendment (Repeal Day 2015) Bill
  • Omnibus Repeal Day (Spring 2015) Bill

Progress of Bills in Parliament

Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, which proposes to give effect to a package of measures announced in the 2015-16 Federal Budget to combat multinational tax avoidance, was debated in the Senate yesterday. The Senate agreed to one amendment moved by Independent Senator Xenophon to require "significant global entities" (as defined in the Bill) to provide the Commissioner of Taxation with audited general purpose financial reports each year. The Greens also moved for similar amendments targeting entities with annual global revenue of $500m or more, and also seeking to repeal the recently passed (but not yet enacted) Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Act 2015, which excludes Australian-owned private companies from the tax transparency measures. Debate on this Bill, including the Greens amendments, will continue in the Senate today.