Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

To assist Senator Dastyari and the chamber: it is, of course, exactly as Senator Di Natale has just indicated. This amendment requires incorporated significant global entities with revenues above $1 billion to prepare general purpose accounts on a group or individual entity basis. General purpose accounts may be prepared on a grouped domestic basis or on a global grouped basis and general purpose accounts must be lodged with the Australian Securities and Investments Commission.

The government, as we have said on the record for some time, believe that this bill, as it was introduced, is an important integrity measure. It is an important measure in the fight against multinational tax avoidance. We would have preferred if this bill had passed unamended, but, in order to facilitate the passage of this important piece of legislation tonight, the government have agreed not to oppose this amendment moved by Senator Di Natale.