Treasury Laws Amendment (2017 Measures No 1) Bill 2017 – allowing ‘Innovation tax concessions’ to flow through an interposed trust and facilitating ASIC disclosure of information to the ATO

Tax Month - April 2017

On 4 April 2017, Treasury Laws Amendment (2017 Measures No 1) Bill 2017 received Royal Assent as Act No 26 of 2017. It amends: The Income Tax Assessment Act 1997 to ensure the National Innovation and Science Agenda measures contained in Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 operate in accordance with their…

Treasury Laws Amendment (2016 Measures No 1) Bill 2016 – amendments to Corporations Act 2001 to ensure that ‘employee share scheme’ documents for ‘start ups’ are not made public

Tax Month - April 2017

On 4 April 2017, the Treasury Laws Amendment (2016 Measures No 1) Bill 2016 received Royal Assent as Act No 25 of 2017. It amends: The Corporations Act 2001 to: provide that employee share scheme disclosure documents lodged with the Australian Securities and Investments Commission (ASIC) are not made publicly available for certain start-up companies;…

Diverted Profits Tax Bills receive Royal Assent and become Australian Act No. 27 – 40% tax on diverted profits; 30% franking; pay tax to object; 12 months to supply documents in defense; limited rights of appeal

Tax Month - April 2017

The following Bills aimed at preventing multinationals from shifting profits offshore received Royal Assent on 4 April 2017 and became Act No 27 & 21 of 2017 (respectively). Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017– Act No 27 of 2017. Provides for a diverted profits tax to apply from 1 July 2017 to ensure that significant global…

Australian ‘Diverted Profits Tax’ – key portions of Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 – (Act No. 27 of 2017)

Tax Articles

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 – (Act No. 27 of 2017)   – which includes the so called ‘Diverted Profits Tax‘   These provisions come into effect, broadly from 1 July 2017, in accordance with Item 52 of Schedule 1 to the Bill – set out below. 52  Application The amendments…