Tim Ayres (NSW, Australian Labor Party, Assistant Minister for Trade) Share this | Hansard source

I table a supplementary explanatory memorandum relating to the government's amendments to be moved to the Taxation (Multinational—Global and Domestic Minimum Tax) Bill 2024 and the Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) Bill 2024, and I seek leave to leave to move government amendments on sheet ZA243 and sheet ZA244 together.

Leave granted.

In respect of the Taxation (Multinational—Global and Domestic Minimum Tax) Bill 2024 I move the amendment on sheet ZA243, and in respect of the Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) Bill 2024 I move the amendments on sheet ZA244:

SHEET ZA243

(1) Clause 34, page 31 (after line 29), after the definition of Rules, insert:

Securitisation Entity has the meaning given by the Rules.

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SHEET ZA244

(1) Schedule 1, item 27, page 13 (after line 18), after the definition of GloBE Rules in subsection 995-1(1), insert:

GloBE Securitisation Entity means a Securitisation Entity (within the meaning of the *Minimum Tax Act).

(2) Schedule 1, item 35, page 37 (lines 1 to 8), omit Subdivision 128-C, substitute:

Subdivision 128-C — Miscellaneous

Table of sections

Operative provisions

128-30 Provisions do not apply to GloBE Excluded Entities

128-35 Joint and several liability does not extend to GloBE Securitisation Entities

Operative provisions

128-30 Provisions do not apply to GloBE Excluded Entities

A reference in this Division to a *Group Entity does not include a reference to a *GloBE Excluded Entity.

128-35 Joint and several liability does not extend to GloBE Securitisation Entities

(1) For the purposes of paragraph 128-5(1)(b), treat a *Group Entity that is a *GloBE Securitisation Entity as being a Group Entity excluded by subsection 128-5(2).

(2) For the purposes of subsection 128-10(2), treat a *Group Entity that is a *GloBE Securitisation Entity as being an Entity excluded by subsection 128-10(3).