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Australian Federal Budget 2017 - 2018

The Australian Government introduces a new major bank levy, increases the costs for foreign owners of Australian real estate and extends Managed Investment Trust concessions to investment in Affordable Housing from 1 July...more

ATO wins Full Federal Court decision on Cross Border Financing - Chevron Australia Holdings case

In a major Australian transfer pricing decision on Friday 21 April 2017, the Full Federal Court dismissed Chevron Australia Holdings Pty Ltd's (CAHPL) appeal related to the deductibility of interest on the Australian dollar...more

Australian Government proposes to increase access to tax losses through the introduction of the similar business test

On 30 March 2017, the Federal Government released the Treasury Laws Amendment (2017 Enterprise Incentives No 1) Bill 2017. The Bill introduces the "similar business test" to supplement the existing "same business test"....more

Proposed tax changes in Australia a win for IP owners

On 30 March 2017, the Federal Government released the Treasury Laws Amendment (2017 Enterprise Incentives No 1) Bill 2017. The Bill contains a number of significant changes to the tax depreciation of intangible assets....more

The Australian Government significantly expands ATO powers to fight multinational tax avoidance: Legislation introduced for 40 per...

The Australian Government introduced legislation (DPT legislation) into Parliament on 9 February 2017 to implement a further component (second limb) of the United Kingdom–style diverted profits tax (DPT), with effect from 1...more

Prospecting for tax deductions

Earlier this year, the Commissioner of Taxation released TR 2017/1 - Income Tax: deductions for mining and petroleum exploration expenditure (the "Ruling"). The Ruling is the finalised version of TR 2015/D4, issued in...more

The Australian Government significantly expands ATO powers to fight multinational tax avoidance: Legislation introduced for 40 per...

Introduction and overview - The Australian Government introduced legislation (DPT legislation) into Parliament on 9 February 2017 to implement a further component (second limb) of the United Kingdom–style diverted...more

The Australian Government increases pressure on multinational tax avoidance: Diverted Profits Tax introduced

INTRODUCTION AND OVERVIEW - The Australian Government released draft legislation on 29 November 2016 to implement a UK-style DPT with effect from 1 July 2017. The DPT targets 'significant global entities' (those...more

Australian employee share schemes - A timely reminder

Companies who provide their Australian based employees the opportunity to participate in an employee share scheme (ESS) have to meet mandatory reporting obligations to both those employees and to the Australian Taxation...more

The death of Australian Unit Trusts Federal Budget announcement of new selection of Collective Investment Vehicles

Does the Federal Budget announcement of a new selection of Collective Investment Vehicles herald the dawn of a new age in investment management in Australia? Is this the beginning of the end for Australian Unit Trusts?...more

Federal Budget Update

The Australian Government continued its attack on Multinational Tax Avoidance with the release of its 2016-2017 Federal Budget. Central to its Budget initiatives is the introduction of a 40% Diverted Profits Tax on large...more

Tax Update (Australia): Prospecting for Tax Deductions - The ATO Consolidates and Clarifies Its Views About When Exploration and...

The Commissioner of Taxation has released TR 2015/D4 - Income Tax: deductions for mining and petroleum exploration expenditure (Draft Ruling). The Draft Ruling will replace TR 98/23 - Income Tax: Mining exploration and...more

Australian Tax Alert: Innovation Nation?

The Government's National Innovation & Science Agenda (Innovation Agenda), released on 7 December 2015, sets out a number of proposed changes aimed at improving the regulatory and tax landscape for start-ups in Australia....more

Australian Tax Update - October 2015

The Chevron decision provides critically important guidance on both the 'old' (Division 13) and 'new' (Subdivision 815-A) transfer pricing laws in Australia. While not dealing specifically with Subdivisions 815-B to D, the...more

Australian Tax Alert: Double Taxation Agreement with Israel

Whilst Australia and Israel already share a close relationship, a DTA will serve to strengthen the economic ties between the countries. A DTA will provide greater tax certainty for business, enhance both countries' tax...more

Australian Tax Alert: Australia Pursues Multinational Tax Avoidance

In the context of the imminent release of the OECD report to G20 finance ministers (in October 2015) dealing with its final recommendations on the Base Erosion Profit Shifting (BEPS) Action Plan, Australia has introduced...more

Offering Employee Equity Has Become Much Easier for Australian Start-Ups

From 1 July 2015 the way in which options granted by any company to its employees in Australia will be taxed has changed, but the main winners under the new tax rules are those Australian companies that qualify for the...more

Australian Employee Share Schemes - More options to share...

From tomorrow, the way in which new employee share scheme awards will be taxed in Australia has changed and for the better. Following on from recent changes to assist companies to meet their corporate compliance obligations,...more

Life Sciences Spotlight - Asia Pacific - Issue 5, 2015

In This Issue: - Harper Review Dispenses Important Recommendations For The Life Sciences Sector - Pharmaceutical Patent Term Extensions In Australia - PRC Anti-Corruption Regime 101 - Revisions To The Medicines...more

Australian Tax Alert: Exposure Draft On Tax Consolidation Integrity Measures

The Government Has Released An Exposure Draft Relating To Changes To The Tax Consolidation Regime. While The Amendments Are Pitched As Restoring The Integrity Of The Consolidation Regime, The Amendments Would Trigger Some Of...more

5/6/2015  /  Australia , Business Taxes

Australia Tax Alert: Exposure Draft On Tax Treatment Of Earnouts

The Government Has Released The Long Awaited Exposure Draft With Changes To The Tax Treatment Of Earnout Arrangements. It Is Common For The Buyers And Sellers Of A Business To Include Provisions Which Either Increase Or...more

Draft legislation released covering changes to the employee share scheme tax regime

The Australian Government has today introduced the draft Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015 containing measures designed to ease the tax impost for employee shares schemes, to make...more

Sports, Media and Entertainment Intelligence - March 2015 (Global)

BROADCASTING - Italy: Back to the future - connected TVs need "connected regulations" - The Italian Communications Authority recently adopted resolutions concerning changes in the broadcasting landscape....more

Australia: What is and is not a “royalty” for withholding tax purposes? Latest key court decision

By Jock McCormack, James Newnham, Matthew Cridland and Eddie Ahn Introduction The taxpayer, Seven Network Limited, has won a recent decision (22 December 2014) in the Australian Federal Court, Seven Network Limited v Federal...more

Important royalty withholding tax decision

The taxpayer, Seven Network Limited, has won a recent decision (22 December 2014) in the Australian Federal Court, Seven Network Limited v Federal Commissioner of Taxation (2014) FCA1411, which is significant to all...more

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