WTO: Trade Policy Review of Australia
The World Trade Organization (WTO) is conducting a Trade Policy Review of Australia on 21 and 23 April 2015 and has published the report prepared by its Secretariat. Since the previous Trade Policy Review in 2011 the Australian economy has
See MoreRevision to DTA between New Zealand and Australia
The government of New Zealand announced its plans to update the income tax treaty with Australia of 2009 for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreAustralia: Approval process for application of the reconstruction provisions
The practice statement (PS LA 2015/3) issued on 26 February 2015 sets out a new internal approval process for application of the reconstruction provisions. This law administration practice statement is issued under the authority of the Commissioner
See MoreAustralia and India accelerate trade agreement negotiations
Negotiations to conclude the Australia-India Comprehensive Economic Cooperation Agreement (CECA) are progressing, with the aim to reach an early conclusion this year. The sixth round of the CECA negotiations was held in New Delhi from 18-19 December
See MoreEconomic Partnership Agreement between Japan and Australia enters into force
On January 15, 2015, the Japan-Australia Economic Partnership Agreement entered into force, opening up opportunities for increased trade and investment by Australia with Japan which is the third largest economy in the world and Australia’s second
See MoreAustralia: Practice Statement PS LA 2014/2 released by the Australian Taxation Office
The Australian Taxation Office (ATO) released guidance on what the ATO expects taxpayers to prepare in order to comply with the transfer pricing laws and manage related risks on 17 December 2014. According to guidance 25% penalty applies and
See MoreAustralia: Taxation Ruling 2014/8 introduces by the Australian Taxation Office (ATO)
Taxation Ruling 2014/8 gives outlines on what needs to be included in the documentation if the taxpayer is to meet the standard of a "reasonably arguable position" and avoid penalties, and sets out five key questions for preparation of
See MoreFree Trade Agreement between Australia and Korea
On Friday, 12 December 2014, a free trade agreement (FTA) between Australia and Korea entered into force. The Korea-Australia Free Trade Agreement (KAFTA) supports one of the strongest and most complementary economic relationships in the
See MoreAustralia & Uruguay: TIEA entered into force
The Tax Information Exchange Agreement (TIEA) (2012) between Australia and Uruguay has entered into force on 1st July 2014. This treaty generally applies from 1 January
See MoreAustralia: New Taxation Ruling TR 2014/6 introduced by the Australian Taxation Office (ATO)
Taxation Ruling TR 2014/6 gives guidance on identifying situations where the form of commercial or financial relations differs from the substance and confirms the ATO's power to disregard and reconstruct transactions that lack economic substance.
See MoreAustralia and China confirm FTA agreement
Australia and China has confirmed the conclusion of a free trade agreement (FTA). If the agreement is fully implemented, it will enable a tariff-free access of 95% Australian goods exports to Chinese
See MoreAustralia: new tax treaty with Switzerland enters into force on 14 October 2014
Australia-Switzerland new tax treaty has entered into force on 14 October 2014. The treaty, which was signed on 30 July 2013, replaces the existing Australia-Switzerland tax treaty which was signed in 1980. The new treaty will encourage further
See MoreIncome Tax Treaty Negotiations between Australia and UAE
The progress of income tax treaty negotiations between Australia and U.A.E were discussed recently, between Australian Treasurer and United Arab Emirates minister of state for financial affairs, on following issues: trade and investment
See MoreDTA between Australia and Switzerland ratified by Australia
On 24th September 2014, Australia completed its domestic ratification procedures with respect to the DTA signed with Switzerland. Once in force and effective, the new treaty will replace with the treaty between Australia and Switzerland Income Tax
See MoreAustralia: Parliament changes thin capitalization rules
The Australian Parliament passed previously announced legislation on 25 September 2014 which includes changes to the thin capitalization rules, a rewrite of the exemption for foreign non-portfolio dividends received by Australian companies, and
See MoreThe amended protocol of AANZFTA has been welcomed by New Zealand
The signing of protocol to amend the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) has been welcomed by the New Zealand. AANZFTA is Australia’s first multi-country FTA. It is the first time Australia and New
See MoreAustralia – Reduces safe harbor for thin capitalization
Australia recently reduced the safe harbor rule for thin capitalization limit from 75% to 60%, corporate groups may want to consider what steps to take with respect to their thin capitalization positions. With effect from 1 July 2014 the permitted
See MoreAustralia and Japan signed an agreement to promote economic relations
Australia and Japan signed an agreement to promote economic relations (EPA), in Canberra on 8 July 2014. The Australian Department of Foreign Affairs and Trade said that, “this is the most liberalizing bilateral trade agreement and if it is fully
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