Ricky Muir (Victoria, Australian Motoring Enthusiast Party) Share this | Hansard source

I move:

(1) Page 17 (after line 3), at the end of the Bill, add:

Schedule 5—Reporting of information about corporate tax entities

Taxation Administration Act 1953

1 Paragraphs 3C(1)(a) and (b)

Repeal the paragraphs, substitute:

  (a) the entity has total income equal to or exceeding $100 million for the income year and, at the end of the income year:

     (i) the entity is not an Australian resident that is a private company for the income year; or

     (ii) the entity is a member of a wholly-owned group that has a foreign resident ultimate holding company; or

     (iii) the percentage of foreign shareholding in the entity is greater than 50%; or

     (b) the entity has total income equal to or exceeding $200 million for the income year and, at the end of the income year;

  (i) the entity is an Australian resident that is a private company for the income year; and

  (ii) the entity is a large proprietary company within the meaning of the Corporations Act 2001.

2 After subsection 3C(3)

Insert:

(3A) The Commissioner must ensure that the information made publicly available under subsection (2) includes:

  (a) a statement to the effect that:

     (i) the information may not reflect the full financial position of the entity; and

     (ii) more comprehensive information may be available from the Australian Securities and Investment Commission; and

  (b) the address for the part of the Australian Securities and Investment Commission's website via which the information referred to in subparagraph (a)(ii) may be found.

3 Application of amendments

  The amendments made by this Schedule apply in relation to an entity for the 2013-14 income year and each later income year unless the Commissioner has, before the commencement of this Schedule, made publicly available information about the entity for the income year under subsection 3C(2) of the Taxation Administration Act 1953.

The CHAIRMAN: The question is that Senator Muir's amendment on sheet 7832, which replaces amendment (3), with which the House has disagreed, be agreed to.