Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill 2023

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
47

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Summary

Amends the: Corporations Act 2001 to require Australian public companies to disclose information about their subsidiaries in their annual financial reports by way of a ‘consolidated entity disclosure statement’; and Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to amend the thin capitalisation rules to limit the amount of debt deductions that multinational entities can claim in an income year.

Progress

House of Representatives
Introduced and read a first time 22 Jun 2023
Second reading moved 22 Jun 2023
Second reading debate 01 Aug 2023
Second reading debate 02 Aug 2023
Second reading debate 08 Aug 2023
Second reading debate 09 Aug 2023
Second reading agreed to 09 Aug 2023
Consideration in detail debate 09 Aug 2023
Third reading agreed to 09 Aug 2023
Senate
Introduced and read a first time 09 Aug 2023
Second reading moved 09 Aug 2023
Second reading amendment agreed to
  • Details: Further consideration of bill deferred until day after Senate Economics Legislation Committee has presented its report, 06/02/24 (see reference in Notes below)
05 Dec 2023
Second reading moved 26 Mar 2024
Second reading debate 26 Mar 2024
Second reading agreed to 27 Mar 2024
Third reading agreed to
  • : Amendment details: 89 Government (1 as amended by AG), 2 Pauline Hanson's One Nation and 2 Independent (Senator David Pocock) agreed to
27 Mar 2024
House of Representatives
Consideration of Senate message
  • Details: House agreed to Senate amendments
27 Mar 2024
Finally passed both Houses 27 Mar 2024
Assent
  • Act no: 23
  • Year: 2024
08 Apr 2024

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

House of representatives

Senate

Schedules of amendments

Bills digest

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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