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 entities are not able to avoid their tax obligations by diverting profits generated in Australia offshore.
- Diverted Profits Tax Bill 2017– Act No 21 of 2017. Imposes a 40% tax on the amount of profits diverted offshore by significant global entities that have a global income of more than $1bn and an Australian income of more than $25m.
[APH site: Bills Digest, Text of Final Bill, Revised Explanatory Memorandum; Related Tax Month Article; Key Provisions on TT site; LTN 64, 5/4/17]