✦ Plain-English Summary

Treasury Laws Amendment (2020 Measures No. 1) Bill 2020

What it does

This bill updates Australia's tax rules for large multinational companies and makes it easier for people to combine their superannuation accounts. The main change renames and clarifies reporting requirements for "significant global entities" (now called "CBC reporting entities") – essentially large companies operating across multiple countries that have to tell tax authorities where they're making money.

Why it matters

Multinational companies now have clearer rules about what financial information they must report to the ATO, which helps prevent tax avoidance. For everyday Australians with multiple super accounts, the changes simplify merging them into one fund without tax penalties.

Key details

• Who's affected: Large multinational corporations with operations in several countries must follow updated country-by-country reporting rules; any Australian with fragmented super accounts can now consolidate more easily
• When it kicks in: The law takes effect on the first of January, April, July or October after Parliament approves it
• Superannuation changes: Removes barriers to merging different superannuation funds, making it simpler and cheaper for people to consolidate their retirement savings

Official Description

Amends the: Income Tax Assessment Act 1997 to extend the circumstances in which an entity is a significant global entity; and Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to: amend the country by country (CBC) reporting requirements and the requirement to provide general purpose financial statements so that they apply to a subset of significant global entities (referred to as CBC reporting entities) rather than all significant global entities; and make consequential amendments.

Committee Referrals

Senate Standing Committee for the Scrutiny of Bills

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

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