May 3, 2010
The long-awaited review of Australia’s tax system has been released, marking the initial steps in the Government’s promised overhaul of the nation’s tax system. According to Government statements, the tax reforms recommended in the review are refined to work in unison with the recovering international economy, while making the national tax system simpler, fairer and [...]
The long-awaited review of Australia’s tax system has been released, marking the initial steps in the Government’s promised overhaul of the nation’s tax system. According to Government statements, the tax reforms recommended in the review are refined to work in unison with the recovering international economy, while making the national tax system simpler, fairer and more beneficial to Australia.
On May 2nd the Australian Government released its Australia’s Future Tax System report, which has come to be commonly called the "Henry Review". The ... Read More
Apr 21, 2010
The Australian Government has announced three new legislative actions that are aimed at increasing the overall tax certainty for select business finance transactions. On April 19th Nick Sherry, Assistant Treasurer of Australia, issued a press release announcing the extension of the transitional period for Upper Tier 2 instruments. He also revealed that the final approval [...]
The Australian Government has announced three new legislative actions that are aimed at increasing the overall tax certainty for select business finance transactions.
On April 19th Nick Sherry, Assistant Treasurer of Australia, issued a press release announcing the extension of the transitional period for Upper Tier 2 instruments. He also revealed that the final approval has been given to new regulations governing select term subordinated notes. The Assistant Treasurer also announced the release of a consultation draft for the Taxation of Financial Arrangements ... Read More
Apr 7, 2010
The Australian Government has signed eight new bilateral Tax Information Exchange Agreements (TIEA) in a concentrated effort to enhance global tax transparency and reduce offshore tax evasion. On April 6th-7th Senator Nick Sherry, Assistant Treasurer of Australia, announced the signing of TIEA agreements with The Cayman Islands, The Bahamas, Belize, Dominica, Grenada, Saint Lucia, Monaco, [...]
The Australian Government has signed eight new bilateral Tax Information Exchange Agreements (TIEA) in a concentrated effort to enhance global tax transparency and reduce offshore tax evasion.
On April 6th-7th Senator Nick Sherry, Assistant Treasurer of Australia, announced the signing of TIEA agreements with The Cayman Islands, The Bahamas, Belize, Dominica, Grenada, Saint Lucia, Monaco, and the Turks and Caicos Islands. With the signing ceremonies complete, the TIEAs will be implemented upon the completion of legal ratification by both signatories. The new agreements ... Read More
Mar 18, 2010
The Australian Government has made alterations to the Goods and Service Tax (GST) legislation, aiming to improve compliance and lower taxpayer costs. In an effort to raise taxpayer certainty, the Government has also cut over 100 provisions within the tax laws, which had previously allowed the Commissioner of Taxation an indefinite time period within which [...]
The Australian Government has made alterations to the Goods and Service Tax (GST) legislation, aiming to improve compliance and lower taxpayer costs. In an effort to raise taxpayer certainty, the Government has also cut over 100 provisions within the tax laws, which had previously allowed the Commissioner of Taxation an indefinite time period within which to amend a taxpayer’s tax assessment.
In a media statement released on March 17th, Nick Sherry, Assistant Treasurer of Australia and Senator for Tasmania, announced the introduction of ... Read More
