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08 Aug 2019 Bills before the Senate

Tax Integrity 

The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 was introduced into the Senate on 1 August 2019. 

The bill makes amendments to: 

  • the tax treatment of concessional loans involving tax exempt entities
  • enhancing the integrity of the small business CGT concessions in relation to partnerships
  • limiting deductions for vacant land.

Making Sure Multinationals Pay Their Fair Share of Tax in Australia 

The Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019 was introduced into the Senate on 1 August 2019. 

The bill makes amendments to: 

  • Thin capitalisation: Schedule 1 to this Bill amends the ITAA 1997 to tighten Australia’s thin capitalisation rules 
  • Online hotel bookings: Schedule 2 to this Bill requires offshore suppliers of rights or options to use commercial accommodation in Australia to include these supplies in working out their GST turnover. 
  • Removing luxury car tax on re-imported cars refurbished overseas: Schedule 3 to this Bill removes liability for luxury car tax from cars that are re-imported following service, repair or refurbishment overseas.
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