Abstract: To date, the effect of the base erosion and profit shifting (BEPS) project is that Australian-owned private companies whose business could be affected by ecommerce are largely able to avoid high rates of foreign taxation. This allows significant deferral of Australian tax liability until the profits from the overseas activities are ultimately released into [...]
In the last few years the tax residence of companies and individuals has been challenged by the ATO resulting in a large number of reported decisions. Those decisions are considered, as is the resident status of trusts, and the characterisation of civil law entities as either companies or trusts for [...]
PRÉCIS Increasingly, clients are holding assets in multiple jurisdictions. This may be driven by a number of factors, such as taxation (direct and inheritance), forced heirship or testators family maintenance legislation, asset protection concerns, including liability under family law and bankruptcy legislation. It is sometimes also driven by the need to spread wealth between countries, [...]
The Commonwealth Government have introduced new legislation that received Royal Assent on 25 February 2016 which provides that where a foreign resident disposes of property for over 2 million dollars, 10% of the purchase price is required to be withheld by the purchaser and paid directly to the Australian Taxation Office (ATO). Through a certificate [...]
INTRODUCTION New legislation has been passed by the Victorian Government which provides that where an interest in a residential property is transferred to a foreign purchaser after 1 July 2015, the foreign purchaser is required to pay an additional duty of 3% of the full contract property value (the additional duty) for their share in [...]
INTRODUCTION New legislation has been passed by the Victorian Government which provides that where an interest in a residential property is transferred to a foreign purchaser after 1 July 2015, the foreign purchaser is required to pay an additional duty of 3% of the full contract property value (the additional duty) for their share in [...]
The Commonwealth Government have introduced new legislation that received Royal Assent on 25 February 2016 which provides that where a foreign resident disposes of property for over 2 million dollars, 10% of the purchase price is required to be withheld by the purchaser and paid directly to the Australian Taxation Office (ATO). Through a certificate [...]
In the last two or three years there appears to have been a concerted attempt by the ATO to challenge the claimed non-residency status of individuals who are working overseas, who have a significant connection with Australia. There have been a succession of reported decisions mainly in the Administrative Appeals Tribunal on this issue. The [...]
In recent times many have written on the lengths the Australian Taxation Office (ATO) has gone to protect its officers that have erred, in particular with the extensive use of confidentiality clauses in the settlements it reaches with aggrieved taxpayers The Tax Office and the Expensive Muzzle on Complaints. However if you believe you have [...]
As foreshadowed in our 18 November 2014 tax bulletin, amendments in relation to employee share scheme (ESS) tax liabilities have been enacted with effect from 1 July 2015. Excitingly in relation to Start-Ups, the ATO has just published a Legislative Instrument (and Explanatory Statement) relating to the methods for valuing unlisted ESS shares , which [...]
