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.