Thursday, 3 December 2015
Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015; In Committee
I thank Senator Xenophon for actually asking me a question and making a contribution that relates to the bill in front of us. It is not normally my custom to provide answers in relation to somebody else's amendments—in particular when those amendments have not been moved yet. However, in the spirit of Christmas and because I feel like I have been ignored in the debate as there was the ferocious debate between Labor and the Greens, I am happy to provide the information that Senator Xenophon is seeking. In short, in answer to his question: yes, the test for application is on a consolidated revenues basis, as defined by the accounting standards. This is stated explicitly in the bill, pursuant to subsection 960-555(2A).