Category: Australia
Indonesia, Australia sign MoU on tax information exchange
Indonesia and Australia join hands to fight tax avoidance under the double tax avoidance treaty. ... - Continue reading
Australia transfer pricing guidance addresses COVID-19 impact
Transfer pricing after COVID-19 in Australia. ... - Continue reading
Australia: Managing Australian & foreign tax residency status – what you need to know
Information on tax residency in Australia. ... - Continue reading
Australia’s resident expats on cusp of losing CGT exemption
The new Budget - Not too welcoming to Australian expats. ... - Continue reading
Australia tightens rules on foreign investment
Australia becomes more stringent regarding foreign investments. ... - Continue reading
Calls grow for delay to Australian ‘expat residence tax’
The Australian government is being urged to extend its deadline for its newly introduced 'expat residence tax'. ... - Continue reading
ATO cracks down on crypto tax dodgers
A '28 days' countdown' starts for taxpayers to clarify their information on cryptocurrency. ... - Continue reading
In Depth: The Race To Beat Australia’s Capital Gains Tax Deadline
Thousands of Australian expats have until 30 June to sell their family homes or face being slapped with a hefty tax after the government reversed its position for exemptions. ... - Continue reading
$10bn tax bill for resources
The Australian Taxation Office releases data on the top 10 corporate taxpayers in Australia. ... - Continue reading
Google to pay A$481.5m in major win for Australian Tax Office
Search engine giant’s settlement brings to A$1.25bn the amount collected from ecommerce players ... - Continue reading
ATO data reveals one third of large companies pay no tax
Of 2,214 entities covered by the Australian Taxation Office (ATO) data for 2017-18, 710 did not pay any tax. ... - Continue reading
Tax treaty ratified
‘The new tax treaty between Australia and Israel will ensure the economic, trade and commercial relationship between our two countries is strengthened’. A “HISTORIC” new tax treaty between Australia and Israel has been hailed as “representing an important milestone in removing tax barriers and facilitating trade and investment” between the… – Continue reading
Australia: Simplified Transfer Pricing Record Keeping Options In Australia
Australian entities that meet certain requirements can shortcut the usual lengthy and expensive transfer pricing record keeping process. ... - Continue reading
Australian expats to be hit with hefty tax
Australians living and working overseas have until June 30 to sell their family homes or face being slapped with a hefty tax after the government reversed its position for exemptions. A A$581m federal government plan to change capital gains tax arrangements for expats originaly lapsed, but the Australian government is… – Continue reading
Australians owe record levels of tax: commissioner
Australians are avoiding their tax responsibilities in record numbers. The Australian Taxation Office (ATO) announced at a Senates Estimates hearing that the debt owed by Australians to the tax man has recently hit 45 billion Australian dollars (31 billion U.S. dollars), a record figure, according to the Australian Broadcasting Corporation… – Continue reading
Australian tax office advises on transfer pricing for offshore drilling
The Australian Taxation Office (ATO) on September 27 set out its approach to analyzing transfer pricing issues associated with the use in Australian waters of non-resident owned mobile offshore drilling units such as drill-ships, drilling rigs (including but not limited to submersibles, semi-submersible and jack-up rigs), pipe-laying vessels, and heavy-lift vessels. ... - Continue reading
Australia: Glencore’s ‘big win’ for taxpayers on transfer pricing
The Federal Court of Australia on 3 September issued its much-anticipated judgement Glencore Investment Pty Ltd v Commissioner of Taxation of the Commonwealth of Australia [2019] FCA 1432, herein referred to as the Glencore decision. ... - Continue reading
CRS reveals Australians holding $100bn in offshore accounts: reports
Australians are holding more than $100bn in undisclosed offshore accounts, according to new taxation office data collected under the Common Reporting Standard (CRS), British newspaper the Guardian has reported. ... - Continue reading
Australia publishes synthesized text of tax treaties with France, Finland, Malta as altered by MLI
The Australian government on August 9 published the synthesized texts of Australia’s bilateral tax treaties with France, Finland, and Malta as modified by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). ... - Continue reading
Taxability of annuity paid by Australian account depends on residential status
On July 12 the Netherlands government published a legislative proposal implementing the EU mandatory disclosure directive. This follows an internet consultation on a draft legislative proposal which ran from December 19, 2018 — February 1, 2019. ... - Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Australian tax office addresses transfer pricing, debt-equity rule interaction
Tax authority of Australia takes measures on tax issues ... - Continue reading
Australia: OECD releases beneficial ownership implementation toolkit to facilitate transparency
In brief – Beneficial ownership toolkit aims to help governments implement legal and supervisory frameworks to identify and collect beneficial ownership information Beneficial ownership is a critical issue in many areas of law, in particular tax and anti-money laundering. National authorities often struggle to keep up with private ingenuity in… – Continue reading
$4.2 million in assets forfeited to Commonwealth
Three Victorian properties valued at $4.2 million were today forfeited to the Commonwealth by order of the Melbourne Supreme Court. This is the first forfeiture action under the terms of the Joint Agency Arrangement (JAA) on economic crime cooperation between the Australian Federal Police (AFP) and the People’s Republic of… – Continue reading
Ex-TV newsreader accused of tax evasion
A former television newsreader has denied she deliberately withheld more than $1.8 million in GST payments during a lucrative career of property development in Melbourne. Simone Semmens, who is on bail, faced a County Court of Victoria trial on Monday after pleading not guilty to 10 charges of dishonestly withholding… – Continue reading
Uber makes $785 million in Australia in 2018 – but pays just $8.5 million tax
Uber’s local arm made a gross profit of $785 million connecting Australians to rides and restaurant meals in 2018, but most of it was wiped out by a service payment to its US parent, and it paid just $8.5 million in company tax. Uber Australia Holdings, which combines four entities… – Continue reading
Tax cheats no longer safe from Australian Taxation Office
The good old days of buying and acquiring cryptocurrency without having to worry about government intervention have come to an end. This is the case in Australia, where cryptocurrency investors will likely soon receive a letter from the Australian Taxation Office (ATO) informing them that they owe back taxes on… – Continue reading
Water controversy prompts tax haven focus
Tax avoidance has crept into the tussle of the federal election campaign, as the government faces pressure to further investigate an expensive water purchase from a company based in a well-known tax haven. Labor has left the door open to supporting a Greens push for a royal commission into the… – Continue reading
Australia establishes agreement with Taiwan on tax and finance transparency
Taiwan implemented ‘Common Reporting Standards’ in 2019, now recognized by Japan and Australia TAIPEI (Taiwan News) – On April 22, the Ministry of Finance (MOF) announced Australia had officially agreed to accept Taiwan as a Common Reporting Standards (CRS) partner nation in matters of financial and legal transparency related to… – Continue reading
Australian tax agency to crack down on lawyers protecting tax-evading clients
CANBERRA, Feb. 13 (Xinhua) — Australia’s tax collector has announced a crackdown on lawyers who misuse legal privilege to protect their clients. In a post on its website, the Australian Taxation Office (ATO) said it was preparing to launch “range of (legal) cases in the short to medium term” against… – Continue reading
Australian corporate tax takes up 20 percent: data
CANBERRA, Dec. 13 (Xinhua) — The amount of tax paid by Australia’s biggest companies has risen 20 percent in a single year, data has revealed. According to the Australian Taxation Office (ATO) ‘s corporate tax data for financial year 2016-17, which was released on Thursday, the nation’s 1,470 biggest companies… – Continue reading
Australia targets offshore banking units
Under pressure from international organisations, the Australian government has flagged that it is getting ready to reform the concessionally-taxed offshore banking unit (OBU) regime, a move that will hit big banks and hedge funds. The Organisation for Economic Co-operation and Development’s (OECD) forum on harmful tax practices has raised concerns… – Continue reading
Tax Avoidance Taskforce helps net $5.6 billion in first two years
The more detailed scrutiny of the tax affairs of multinationals, large corporations and wealthy individuals, made possible by the formation of the Tax Avoidance Taskforce, has collected $5.6 billion in extra tax in just two years. Deputy Commissioner Mark Konza said “the $679.9 million the Government funded the ATO for… – Continue reading
Swiss Bank starts sharing Client Data.
Switzerland has begun sharing financial record data with tax authorities in many countries as a method for battling tax evasion, however, Africa, which loses about $60 billion in unlawful flows every year, generally into European banks, is prominent by its nonappearance from the arrangement. Swiss bank accounts have for quite… – Continue reading
Australia Mulls Fresh Regulations on Crypto Exchanges
The Australian Securities and Investment Commission (ASIC) said it would create a team to monitor initial coin offerings (ICOs) and cryptocurrencies. Australia’s market regulator, the Australian Securities and Investments Commission (ASIC) is considering a new tactic in regulating digital currency exchanges and raising the monitoring of initial coin offerings (ICOs)… – Continue reading
