Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

The government is cracking down on multinational tax avoidance to ensure that businesses that generate profits here in Australia pay their fair share of tax here in Australia, consistent with our laws. That is of course why we passed antiavoidance laws back in December 2015—which Labor opposed, incidentally—which have given additional powers to the tax commissioner not only to impose increased penalties but also to see through contrived business arrangements which saw businesses divert profits into other jurisdictions.

I am pleased to report that our laws which Labor opposed, our laws designed to crack down on multinational tax avoidance, are actually working. For example, Facebook are now booking their Australian revenue in Australia, not in Ireland. Google have also changed their arrangements and restructured to repatriate profits to Australia. But of course we have not stopped there. The diverted profits tax legislation currently before the parliament puts a new tax on profits— (Time expired)