Simon Birmingham (SA, Liberal Party, Minister for Education and Training) Share this | Hansard source

As I indicated before, the government is happy to support these opposition amendments. In the spirit of helpfulness I advise that, as we understand it, Labor has proposed amendments to require the Commissioner of Taxation to publish an annual report providing aggregated, de-identified data on the financial holdings of foreign nationals in Australia. The de-identified data will indicate the aggregate number of accounts held by nationals of each country and the aggregate dollar value of holdings in the accounts.

The Labor Party is also proposing an amendment that varies commencement dates. The original time frame proposed by the legislation arose as a result of the agreement between OECD countries. The amendment is similar in form to the amendment that was tabled when this bill was debated in the House. However, having sought some further clarification, the government is happy to support that amendment, which will bring forward from 31 July 2019 to 31 July 2018 the deadline for reviewing entity accounts to be finalised and align it with the time frame outlined in the bill for high-value, individual accounts.

Question agreed to.

Bill, as amended, agreed to.

Bill reported with amendments; report adopted.