Footnotes

Chapter 1 - Introduction

[1]        On 15 May 2013, the Senate agreed to a motion to ensure that bills introduced into the House of Representatives during the budget estimates fortnight (27 May to  6 June 2013) are, where necessary, able to be considered by Senate committees prior to the June sittings. All reports on bills referred using this process are due to be presented by 17 June 2013. See Journals of the Senate, 2010–13 no. 145, 15 May 2013, pp. 3929–30.

Chapter 2 - Key issues

[1]        Explanatory memorandum, p. 15.

[2]        Explanatory memorandum, p. 15.

[3]        Explanatory memorandum, paragraphs 1.9, 1.25–1.27. The explanatory memorandum defines BAII as follows: '[b]roadly speaking, the BAII of an entity is so much of the entity's assessable income for a year (base year), as worked out for the purposes of the base assessment, as the Commissioner determines is instalment income (subsection 45-320(2)). In general, instalment income is the amount of ordinary income less exempt and non-assessable non-exempt income. Some entities have statutory income included in their instalment income. The Commissioner calculates the BAII when producing an instalment rate for an entity'.

[4]        Explanatory memorandum, p. 3.

[5]        Schedule 1, item 11, proposed subsection 45-114(3).

[6]        The Hon David Bradbury, Assistant Treasurer and Minister Assisting for Deregulation, Proof House of Representatives Hansard, 29 May 2013, p. 22.

[7]        Australian Bankers' Association, Submission 9, p. 1.

[8]        Institute of Chartered Accountants Australia, Submission 3, p. 1.

[9]        Explanatory memorandum, paragraphs 2.5–2.8.

[10]      Infrastructure Partnerships Australia, Submission 4, p. 1.

[11]      For income tax purposes, consolidated groups are wholly-owned corporate groups that operate as a single entity.

[12]      Explanatory memorandum, paragraph 2.62.

[13]      Infrastructure Partnerships Australia, Submission 4, p. 2.

[14]      Infrastructure Partnerships Australia, Submission 4, p. 2.

[15]      Infrastructure Partnerships Australia, Submission 4, p. 3.

[16]      Infrastructure Partnerships Australia, Submission 4, p. 3.

[17]      Australian Institute of Superannuation Trustees, Submission 6, p. 1.

[18]      Australian Institute of Superannuation Trustees, Submission 6, p. 1.

[19]      The Hon David Bradbury, Assistant Treasurer and Minister Assisting for Deregulation, Proof House of Representatives Hansard, 29 May 2013, p. 22.

[20]      Journals of the Senate, 2010–13 no. 131, 6 February 2013, p. 3575.

[21]      Chris Jordan AO, Australian Taxation Office minute paper to the Treasurer dated 8 February 2013, p. 1; see the Hon Wayne Swan MP, 'Minerals Resource Rent Tax revenue', Media release, 8 February 2013.

[22]      Schedule 5, item 1, proposed subsections 3C(3), 3D(3) and 3E(3).

[23]      Schedule 5, item 1, proposed subsections 3C(2), 3D(2) and 3E(2).

[24]      Explanatory memorandum, paragraph 5.36.

[25]      Explanatory memorandum, paragraph 5.16.

[26]      Tax Institute, Submission 5, p. 1.

[27]      Institute of Chartered Accountants Australia, Submission 3, p. 2.

[28]      Tax Institute, Submission 5, p. 2.

[29]      Tax Institute, Submission 5, p. 3.

[30]      Tax Institute, Submission 5, p. 4. See Australian Taxation Office, Compliance program
2012–13, p. 11.

[31]      Tax Institute, Submission 5, p. 2.

[32]      Inspector-General of Taxation, Review into the ATO’s compliance approaches to small and medium enterprises with annual turnovers between $100 million and $250 million and high wealth individuals, December 2011, p. 1; cited in Tax Institute, Submission 5, p. 4.

[33]      The date that the measure was announced by the government (as part of the 2012–13 Budget).

[34]      Explanatory memorandum, paragraphs 7.3–7.5.

[35]      Institute of Chartered Accountants Australia, Submission 3, p. 2 [original emphasis].

[36]      Tax Justice Network Australia, Submission 7, p. 9.

[37]      Tax Institute, Submission 5, p. 5.

[38]      See Australian Government, 2012–13 Budget: Budget Paper No. 2, May 2012, p. 31.

[39]      See Australian Taxation Office, Practice Statement Law Administration: Administrative treatment of taxpayers affected by announced but unenacted legislative measures which will apply retrospectively when enacted, PS LA 2007/11, 24 May 2007.

Coalition Members' Dissenting Report - Tax Laws Amendment (2013 Measures No. 2) Bill 2013 – Schedule 5 (Tax secrecy and transparency)

[1]        OECD, Addressing Base Erosion and Profit Shifting, OECD Publishing, 2013.

[2]        Response to Discussion Paper: Improving the transparency of Australia’s business tax system, Corporate Tax Association of Australia Inc., April 2013.

[3]        AFMA, Submission 8, p. 6.