Australia: GST registration system for non-resident businesses
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
See MoreAustralia: Practical Compliance Guideline – cross-border related party financing arrangements and related transactions
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
See MoreAustralia: Draft Taxation Ruling TR 2017/D2 – Central Management and Control test of residency
The Australian Tax Office has now released a new draft ruling TR 2017/D2 and has withdrawn its preceding ruling TR 2004/15 on the tax residence of foreign incorporated companies.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 &
See MoreAustralia: Implementation of the OECD hybrid mismatch rules
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
See MoreAustralia: Extending the immediate deductibility threshold for small business
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
See MoreAustralia: Foreign resident capital gains withholding payments
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
See MoreAustralia: Improving the small business capital gains tax concessions
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
See MoreAustralia: Federal Budget 2017-18
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
See MoreAustralia publishes CbC reporting, Local and Master files detailed design
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
See MoreAustralia: Diverted profits tax begins from first July 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
See MoreAustralia: GST on low value imported goods
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
See MoreAustralia releases guidance on IRP agreements
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
See MoreAustralia: Fringe benefits change and tax offsets
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
See MoreAustralia: ATO releases PCG on simplified transfer pricing record-keeping
On 22 February 2017 the Australian Taxation Office (ATO) released Practical Compliance Guideline (PCG) 2017/2 dealing with simplified transfer pricing (TP) record-keeping options and assisting taxpayers in complying with relevant tax laws. The PCG
See MoreSingapore: Competent authority agreement on automatic exchange of information with Australia enters into force
The Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard between Singapore and Australia entered into force on 27 February 2017. According to the agreement, the Inland
See MoreAustralia: Alerts on tax incentives for R&D
The Australian Taxation Office (ATO) and Department of Industry, Innovation and Science (DIIS) have released two new taxpayer alerts as a warning to those not being careful enough in their claims or seeking to deliberately exploit the Research &
See MoreAustralia: DPT Bill includes updated transfer pricing guidelines
On 9 February 2017, the Australian Government introduced legislation into the Parliament to implement the new Diverted Profits Tax (DPT), which will prevent multinationals shifting profits made in Australia offshore to avoid paying tax. The Diverted
See MoreAustralia, Austria Social Security Agreement expected to be entered into force
On 1 March 2017, the Social Security Agreement between Australia and Austria along with its administrative arrangement will enter into force that was signed on 2 August 2016. The agreement and the administrative arrangement will apply from 1 March
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