27th Mar 2024, 4:45 PM – Senate Treasury Laws Amendment (Making Multinationals Pay Their Fair Share — Integrity and Transparency) Bill 2023 - Committee of the Whole - Australian plantation forestry entities

The majority voted in favour of amendment 2383 introduced by Pauline Hanson's One Nation Party, which means it passed and will now be included in the bill.

Amendment text

(1) Schedule 2, item 144, page 63 (line 3), omit "The amendments", substitute "Subject to this Part, the amendments".

(2) Schedule 2, Part 2, page 63 (after line 17), at the end of the Part, add:

146 Saving — old law continues to apply to Australian plantation forestry entities

(1) Despite the amendments made by Part 1 of this Schedule, the old law continues to apply in relation to assessments for income years starting on or after 1 July 2023 for entities that are Australian plantation forestry entities for a period that is all or part of the income year, as if the amendments had not been made.

(2) In this item:

Australian plantation forestry entity, at a particular time, means an entity that solely or predominantly carries on a business, at that time, of establishing and tending trees for felling in Australia.

old law means the following provisions, as in force immediately before the commencement of this item:

(a) Division 820 of the Income Tax Assessment Act 1997;

(b) any other provision of that Act to the extent that it relates to that Division;

(c) any provision in an instrument (whether legislative or administrative) made under that Act to the extent that it relates to that Division.