Nick McKim (Tasmania, Australian Greens) Share this | Hansard source

by leave—In my second reading contribution yesterday I said that we have some amendments to the bill, and I now move amendments (1) and (2) on sheet 1596 and amendments (1) and (2) on sheet 1597 together:

Sheet 1596

(1) Clause 2, page 2 (at the end of the table), add:

(2) Schedule 4, page 41 (after line 25), at the end of the Schedule, add:

Part 6 — Corporate tax transparency

Taxation Administration Act 1953

1 Subsection 3C(1)

Repeal the subsection, substitute:

(1) This section applies to an entity for an income year if:

(a) the entity is a corporate tax entity; and

(b) the entity has total income equal to or exceeding $100 million for the income year, according to information reported to the Commissioner in the entity's income tax return for the income year.

An expression used in this subsection that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

2 Application of amendment

The amendment made by this Part applies in relation to an entity for the 2022-23 income year and each later income year.

Sheet 1597

(1) Clause 2, page 2 (at the end of the table), add:

(2) Schedule 4, page 41 (after line 25), at the end of the Schedule, add:

Part 7 — Financial reporting obligations

ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840

1 The whole of the instrument

Repeal the instrument.

Corporations Act 2001

2 Subsection 285(1) (table item 5)

Omit "Companies that have the benefit of the grandfathering in the relevant Part 10.1 transitionals do not have to lodge.".

3 Subsection 1408(6) (table item 7)

Repeal the item.

4 In the appropriate p osition in Chapter 10

Insert:

Part 10.63 — Application provisions relating to Part 7 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022

1693 Definitions

In this Part:

amending Part means Part 7 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022.

commencement day means the day the amending Part commences.

1693A Application provision

(1) This section applies to a company if, immediately before the commencement day, the company was exempted from complying with subsection 319(1) of this Act by the ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840.

(2) Despite the repeals made by the amending Part, that exemption continues to apply to the company in relation to a financial year that ends before the commencement day.

1693B Instruments that provide relief from requirements of this Act — Lodgement of annual reports by large p roprietary companies

(1) Despite anything contained in this Act, ASIC may not make a legislative instrument, however described, if that legislative instrument would have the effect of relieving the class of companies referred to in subsection (2) of the requirement to comply with subsection 319(1) of this Act for a financial year.

(2) The class of companies is the class of large proprietary companies that was relieved from the requirement to comply with subsection 319(1) of this Act by the ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840 as in force immediately before the commencement day.