FATCA agreement between Australia and United States signed
Australia and the United States signed an agreement relating to US Foreign Account Tax Compliance Act (FATCA) on 28 April 2014. These intergovernmental agreements are being concluded by the US in connection with the implementation of the FATCA in
See MoreAustralia: Guidance TR 2014/D4 clarifies the requirements of transfer pricing documentation
The transfer pricing rules require documentation to be prepared by the time of lodging the relevant tax return. Guidance in TR 2014/D4 clarifies that documentation must be brought into existence by the date of the tax return. Documentation prepared
See MoreAustralia: Draft ATO guidance on new transfer pricing rules
New draft tax Rulings and draft Practice Statements outline the Australian Tax Office’s approach to transfer pricing and the standards that are required from taxpayers. Businesses need to urgently consider these publications in order to manage tax
See MoreKorea – Free trade agreement signed with Australia
A free trade agreement (FTA) was signed on 8 April 2014 by representatives of the governments of South Korea and Australia. The agreement is designed to boost trade between the two countries and strengthen economic ties
See MoreAustralian Taxation Office Launches Offshore Tax Amnesty
The Australian Taxation Office (ATO) is conducting another initiative to urge taxpayers to declare understated offshore income and to revise claims for tax deductions where these are overstated. Disclosures of income are to be regarded as
See MoreAustralia considers GST rise
The rate of GST in Australia is currently 10%, however the possibility of raising the rate has been under consideration for some time. An increase in the GST rate could be used to fund reductions in tax on labor and in corporation tax, helping to
See MoreAustralian Tax Break for Supporting Mining Activities
The Australian Government has introduced a consultation on plans to provide investors with a refundable tax offset for Greenfield mineral exploration costs incurred from July 1, 2014. Under the proposed program, a tax credit will be provided to
See MoreChina aiming to speed up progress of FTA talks with Australia
Comments by the Chinese Premier Li Keqiang on the negotiations for a free trade agreement (FTA) with Australia have been welcomed by the Australian Trade and . Investment Minister. On March 5 2014, in his speech to the annual meeting of the National
See MoreAustralian Prime Minister Loses Senate Carbon Tax Vote
The Australian Prime Minister’s plan to abolish Australia's carbon tax regime received a setback when the Senate failed to pass legislation to dismantle the independent Climate Change Authority. The bill was defeated on its second reading by 38
See MoreAustralian Government restates commitment to lower taxes
The Australian Prime Minister has reiterated his election pledge for “lower, simpler, fairer taxes,” and the new government will draw up a tax reform white paper within two years. Recommendations in the white paper shall be part of the platform
See MoreSwitzerland: Proposals on Multiple Tax Agreements has been Adopted
A number of double tax treaties proposal on tax information exchange has been adopted by the Swiss Federal Council. The Double tax agreements are with Australia, Hungary, and China, currently valid agreements, and containing administrative
See MoreAustralia: ATO dispatched International Structuring, Profit Shifting field Program
The Australian Taxation Office (ATO) in accordance with current base erosion and profit shifting (BEPS) activities dispatched an “international structuring and profit shifting” (ISAPS) field review program. This is a decentralized national
See MoreAustralia: Transfer Pricing being referred as “Profit Shifting”
In Australia, the recent introduction of subdivision 815 has given the Commissioner more extensive powers to transfer pricing adjustments. Subdivision 815 has made a new approach to Australia's transfer pricing analysis which goes beyond the
See MoreAustralia: Carbon tax repeal Bill tabled
The Prime Minister of Australia on 13 November 2013 tabled a bill canceling controversial carbon tax throughout the first session of parliament. The government is hoping to repeal the carbon tax in
See MoreAustralia: The Authority extends review of income tax rules
It was proclaimed by the Assistant Treasurer of Australia that the Australian on 8 November 2013, Board of Taxation will extend its review of income tax rules to permit the board to consider the more extensive tax framework in which private business
See MoreAustralia: Push for G20 tax action
The Australian Prime Minister has started his nation's G20 Presidency with a call for enhanced international tax arrangements. The G20 presidency goes to Australia from Russia. At the point when leaders met in St. Petersburg in September, they
See MoreAustralia: Plan to address tax policy backlog
The Australian Government proclaimed arrangements on 6 November 2013 to address the extensive backlog of Australia's previous tax and superannuation policy decisions which had been published but not implemented. The Australian government will enact
See MoreAustralia: E-commerce registration threshold for non-resident remain unchanged
The Australian Goods and Services Tax (GST) registration threshold for e-commerce on-line sales to consumers has been kept unchanged by the Australian government. Despite this the government intends to begin a review into the GST threshold for
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