Explanatory Memorandum
(Circulated by authority of the Minister for Housing and Assistant Treasurer the Hon Michael Sukkar MP)Chapter 3 Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the> Human Rights (Parliamentary Scrutiny) Act 2011
Significant global entities
3.1 Schedule 1 to this Bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
3.2 Schedule 1 to this Bill expands the definition of significant global entity in the ITAA 1997 so that it:
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- applies to groups of entities headed by an entity other than a listed company in the same way as it applies to groups headed by a listed company; and
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- applies despite exceptions to when a group of entities must prepare consolidated accounts, including materiality rules, in the applicable accounting rules.
3.3 The amendments also modify the rules that identify which entities must undertake country by country reporting under the tax law to ensure these rules are aligned with Australia's international commitments.
Human rights implications
3.4 This Schedule does not engage any of the applicable rights or freedoms.
Conclusion
3.5 This Schedule is compatible with human rights as it does not raise any human rights issues.
Permanent relief for merging superannuation funds
3.6 Schedule 2 to this Bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
3.7 Schedule 2 to this Bill amends the ITAA 1997, the SLAA 2012 and the TLAA 2010 to make permanent the current temporary arrangements for taxation relief for merging superannuation funds, which includes the provision of loss relief and an asset roll-over.
Human rights implications
3.8 This schedule does not engage any of the applicable rights or freedoms.
Conclusion
3.9 This schedule is compatible with human rights as it does not raise any human rights issues.