The Treasurer Scott Morrison yesterday (3 May 2017) introduced into the House of Representatives the two Bills that will bring about the implementation of the "major bank levy" (MBL), a key part of the Federal government's 2017-2018 budget. The two Bills in question are the Major Bank Levy Bill 2017 and the Treasury Laws Amendment (Major Bank Levy) Bill 2017.
The Federal opposition has announced that, in government, it would crack down on the practice known in corporations law circles as "Phoenixing".
By Media Release issued on 30 April 2017, the Federal Treasurer, Mr Scott Morrison, announced that he had tasked the Productivity Commission to undertake an independent inquiry into the system used to distribute GST revenue to the states and territories, known as "horizontal fiscal equalization" (HFE), which is the method which underpins the distribution of GST revenue by the Commonwealth to the States and Territories.
Even after the reported "landmark" decision in Chevron Australia Holdings Pty Ltd v Commissioner of Taxation  FCAFC 62 handed down last Friday (21 April 2017), where the Full Court of the Federal Court upheld an earlier decision of Justice Robertson in Chevron Australia Holdings Pty Ltd v Commissioner of Taxation (No 4)  FCA 1092 (23 October 2015) in favour of the Australian Tax Office (the ATO) that international oil and gas company Chevron meet a tax bill that could exceed $300 million, the ATO is reported as having declared:
Recently, the Treasury Laws Amendment (Combating Multinational Tax Avoidance) Act 2017 (No. 27 of 2017) and the Diverted Profits Tax Act 2017 (No. 21 of 2017) were assented by the Federal executive government. The Acts introduce a new diverted profits tax to ensure that the tax paid by significant global entities properly reflects the economic substance of their activities in Australia. The scheme also attempts to prevent the diversion of profits offshore through contrived arrangements set up by global entities.
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