Angus Taylor (Hume, Liberal Party, Minister for Energy) Share this | Link to this | Hansard source

Firstly, I would like to thank those members who have contributed to this debate. Most taxpayers comply with Australia's tax rules and pay their fair share of tax. However, some foreign investors have been using complex arrangements known as stapled structures and other broader tax concessions to extract profits from Australian businesses almost tax free. Australia has some of the strongest taxation integrity rules in the world. The government has already introduced a raft of key initiatives such as multinational anti-avoidance law, the diverted profits tax and country-by-country reporting. The measures in the Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018 build on the government's work in protecting the integrity of Australia's corporate tax system. The package of bills neutralises the tax benefits of stapled structures and similar arrangements, limits broader concessions without requiring restructuring and provides certainty around choice of stapled structures going forward.

It's important that everyone pays their fair share of tax to ensure the government is able to fund the vital infrastructure and services that Australians deserve. The bill is estimated to have a gain to revenue of $400 million over the forward estimates period. Moreover, the package protects the revenue base going forward. Together, the measures being implemented by this bill strengthen and protect the integrity of Australia's corporate tax base. I commend the bills to the House.

John McVeigh (Groom, Liberal Party) Share this | Link to this | Hansard source

The original question was that this bill be now read a second time. To this the honourable member for Fenner has moved as an amendment that all words after 'That' be omitted with a view to substituting other words. The immediate question is that the amendment be agreed to.

Question negatived.

Original question agreed to.

Bill read a second time.