Division Description Changes — Bills — Treasury Laws Amendment (Making Multinationals Pay Their Fair Share — Integrity and Transparency) Bill 2023; Second Reading — 27th Mar 2024

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senate vote 2024-03-27#18

Edited by mackay staff

on 2025-01-04 14:40:32

Title

  • Bills — Treasury Laws Amendment (Making Multinationals Pay Their Fair Share — Integrity and Transparency) Bill 2023; Second Reading
  • Treasury Laws Amendment (Making Multinationals Pay Their Fair Share — Integrity and Transparency) Bill 2023 - Committee of the Whole - Australian plantation forestry entities

Description

  • <p class="speaker">Sue Lines</p>
  • <p>I will put the questions on the remaining stages of the Treasury Laws Amendment (Making Multinationals Pay Their Share&#8212;Integrity And Transparency) Bill 2023. The question now is that the bill be read a second time.</p>
  • The majority voted in favour of [amendment 2383](https://www.openaustralia.org.au/senate/?id=2024-03-27.181.1) 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.*
  • <p>Question agreed to.</p>
  • <p>Bill read a second time.</p>
  • <p>I shall now deal with the committee of the whole amendments, starting with the amendments circulated by the government. I understand the minister has a document to table.</p>
  • <p class="speaker">Anthony Chisholm</p>
  • <p>I table a supplementary explanatory memorandum relating to the government's amendment to be moved to this bill.</p>
  • <p class='motion-notice motion-notice-truncated'>Long debate text truncated.</p>