Thursday, 3 December 2015
Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015; In Committee
I move the amendment on sheet 7833, which is a further amendment to the bill consequential of the House's rejection of the Senate's amendments:
(1) Page 17 (after line 3), at the end of the Bill, add:
Part 1—Repeal of instrument
ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840
1 The whole of the instrument
Repeal the instrument.
Part 2—Grandfathered exemption
Corporations Act 2001
2 Subsection 1408(6) (table item 7)
Repeal the table item.
(1) This item applies to a company if, immediately before the commencement of this item, the company was exempted from complying with subsection 319(1) of the Corporations Act 2001 by the ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840.
(2) Despite the amendments made by Parts 1 and 2, that exemption continues to apply to the company in relation to the 2015-16 financial year.