Australia: State Budget 2017-18

25 June, 2017

On 22 June 2017, the Treasurer, Mr. Tom Koutsantonis released the 2017-18 Budget of South Australia with the following measures: Stamp duty surcharge for foreign purchasers From 1 January 2018, a surcharge of 4% will apply to all residential

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Australia: Treasury Laws Amendment Act 2017 received Royal Assent

25 June, 2017

On 22 June 2017, the Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Act 2017 received Royal Assent. Amends the Taxation Administration Act 1953 to modify the foreign resident capital gains withholding payments

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Australia signs MLI to prevent tax avoidance

08 June, 2017

Australia has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). The Minister for Trade, Tourism and Investment, Mr. Steven Ciobo MP, signed

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Australia: FTA negotiation with Peru

04 June, 2017

On 24 May, Australia and Peru launched negotiations for a free trade agreement (FTA). A fellow signatory to the Trans-Pacific Partnership (TPP) Agreement, Peru has been one of the fastest growing economies in Latin America. A Peru-Australia FTA

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Australia: New rate for franking credits

25 May, 2017

The company tax rate for small business has been reduced to 27.5% for 2016-17 and the maximum franking credit of small business has decreased to 27.5% (previously 30%). This reduced rate applies to companies with an aggregated turnover of less than

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Australia: GST registration system for non-resident businesses

21 May, 2017

Non-resident businesses supplying services and digital products to Australian consumers and who meet the turnover threshold of A$75,000 will need to register for Australian GST by 1 July 2017. There are two ways non-resident businesses can register

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Australia: Practical Compliance Guideline – cross-border related party financing arrangements and related transactions

18 May, 2017

On 16 May 2017, the Australian Tax Office (ATO) released a draft Practical Compliance Guideline that sets out the compliance approach for cross-border related party financing arrangements as defined in section 995-1 of the Income Tax Assessment

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Australia: Draft Taxation Ruling TR 2017/D2 – Central Management and Control test of residency

15 May, 2017

The Australian Tax Office has now released a new draft ruling TR 2017/D2 and has withdrawn its preceding ruling TR 2004/15 on the tax residence of foreign incorporated companies. Following the decision in Bywater Investments Limited &

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Australia: Implementation of the OECD hybrid mismatch rules

15 May, 2017

The Government of Australia has committed to the implementation of Action Item 2 of the G20/OECD BEPS Action Plan, which recommends neutralizing the effects of hybrid mismatch arrangements that occur due to the different treatment of an entity or

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Australia: Extending the immediate deductibility threshold for small business

14 May, 2017

On 9 May 2017, the Australian Government announced an extension to the 2015-16 Budget measure providing an instant asset write-off provision for small business. Small businesses can immediately deduct the business portion of most assets if they cost

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Australia: Foreign resident capital gains withholding payments

14 May, 2017

On 9 May 2017, the Australian Government announced proposed changes to the foreign resident capital gains withholding (FRCGW) rate and threshold. The changes will apply to contracts entered into on or after 1 July 2017, for real property

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Australia: Improving the small business capital gains tax concessions

11 May, 2017

On 9 May 2017, the Australian Government announced that it would amend the small business capital gains tax (CGT) concessions to ensure that they can only be accessed in relation to assets used in a small business or ownership interests in a small

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Australia: Federal Budget 2017-18

11 May, 2017

On 9 May 2017, the Treasurer of Australia handed down Budget 2017-18. The Government is focused on boosting the economy and helping households, to ensure all Australians can benefit from the nation’s growth story. This Budget is based on the

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Australia publishes CbC reporting, Local and Master files detailed design

23 April, 2017

The Australian Taxation Office (ATO) has published a Local file / Master file detailed design to serve as guidance for taxpayers regarding the practicalities in completing country-by-country (CbC) reporting by significant global entities. ATO has

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Australia: Diverted profits tax begins from first July 2017

16 April, 2017

The diverted profits tax (DPT) is one of many new measures introduced to tackle multinational tax avoidance. The DPT aims to ensure multinationals do not avoid their Australian tax obligations by entering into schemes to divert their Australian

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Australia: GST on low value imported goods

05 April, 2017

As of 1 July 2017, Subject to Parliamentary approval, overseas businesses with an Australian turnover of A$75,000 or more may need to: register for GST charge GST on low value imported goods that they sell to consumers in Australia, and

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Australia releases guidance on IRP agreements

08 March, 2017

The Australian Taxation Office (ATO) released guidance on providing international related-party agreements (IRPA) as part of Part B of the local file for country-by-country reporting (CbCR), on 3 March 2017. The taxpayer is required to provide

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Australia: Fringe benefits change and tax offsets

07 March, 2017

The government of Australia has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017. The meaning of adjusted fringe benefits total has been modified so that the gross rather than the adjusted

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