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13 Feb 13 Tax Avoidance and Multinational Profit Shifting Bill introduced into Parliament

On 13 February 2013, Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 was introduced into the House of Representatives.

The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends Part IVA of ITAA 1936. The amendments apply to schemes entered into, or commenced to be carried out, on or after 16 November 2012, the day on which draft legislation was released for public comment. The amendments introduced differ in a number of important respects from the draft legislation.

SCHEDULE 2 to the Bill inserts Subdivisions 815-B, 815-C and 815-D into ITAA 1997 and Subdivision 284-E into Schedule 1 to the Taxation Administration Act 1953. These amendments are said to "modernise" Australia’s domestic transfer pricing rules.

The amendments apply to both tax treaty and non-tax treaty cases, ensuring greater alignment between outcomes for international arrangements involving Australia and another jurisdiction irrespective of whether the other jurisdiction forms part of Australia’s treaty network. The amendments also contain specific rules relating to transfer pricing documentation.

The rules apply to income years commencing on or after the earlier of 1 July 2013 and the day the Bill receives Royal Assent. In respect of withholding tax, the rules apply in relation to income derived, or taken to be derived, in income years commencing on or after the earlier of the above two dates.

In media release No 2013/010, issued 13 February 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, commented on the legislation.


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