Australia Tax News
On 1 November 2006, the Treasury released for consultation Discussion Paper on the Interaction of Thin Capitalization Provisions and International Financial Reporting Standards (IFRS). The Paper outlines the need for the current transitional regulations and proposes several options that may be implemented after the transitional regulations expire.
17 December 2006
Helicopter is large enough to be a PE
17 December 2006
Treaty between Australia and Japan to be renegotiated
17 December 2006
Review of CFC and FIF rules
12 November 2006
Treaty between Norway and Australia
12 November 2006
Treaty between Australia and Norway – details
12 September 2006
Treaty between Australia and France – details
13 August 2006
Taxation of Australian residents performing independent services for Italian entity explained
13 August 2006
Protocol to treaty between New Zealand and Australia approved
11 July 2006
Australian Taxation Office explains interaction between tie-breaker clause in treaty between Australia and New Zealand and domestic tax legislation
11 July 2006
Australian treatment of shipping and aircraft leasing profits of UK and US enterprises
11 July 2006
Treaty between Australia and France signed
11 July 2006
ATO denies interest withholding tax exemption to a US pension fund
11 July 2006
Australian Taxation Office denies interest withholding tax exemption to US financial institution
11 July 2006
Budget for 2006/07 – details
14 June 2006
Treaty between Australia and US – ATO explains its understanding of LoB article
14 June 2006
Draft Taxation Ruling on application of "same business test" to tax consolidated groups
14 May 2006
Availability of US dependent territories' tax information to Australian tax authorities
14 May 2006
ATO to allow refunds of royalty withholding tax
14 May 2006
Classification of Korean Hapja Hoesa for Australian income tax purposes
14 May 2006
Taxation ruling on withholding tax on shipping income
9 April 2006
Draft taxation ruling on withholding tax on payments to non-residents for works and related activities
9 April 2006
Protocol to treaty between Australia and New Zealand submitted for ratification
16 March 2006
German state-owned bank not exempt from interest withholding tax
19 February 2006
French Court of Appeals decision on debt waivers granted to branches of foreign subsidiary by French parent company published
19 February 2006
Following a reduction in withholding tax rates in the 2001 protocol to the Australia-US tax treaty, Australia is required under the most-favoured-nation clause in its existing treaty with Korea (Rep.) to renegotiate the 1982 Australia-Korea (Rep.) treaty.
19 February 2006
Legislation on loss recoupment rules for companies details
6 December 2005
On 15 November 2005, Australia and New Zealand signed in Melbourne, Australia, a protocol to update the1995 tax treaty.
6 December 2005
In McDermott Industries (Aust) Pty Ltd v. FCT, the taxpayer company argued that it was not required to withhold tax on bare boat charter payments that it made to a Singaporean company (S-Co). Australia's Federal Commissioner of Taxation sought to apply a rule that a deduction for a royalty subject to withholding tax is not available to the paying company, unless it has paid the withholding tax (in which case the deduction becomes available in the year in which the royalty was incurred). The taxpayer's position was that royalty withholding tax was not payable because S-Co had a deemed permanent establishment under the tax treaty between Australia and Singapore to which the royalties related.
6 December 2005
Australia's Trade Minister has announced that the tax treaty between Australia and Turkey is to be finalized shortly.
6 December 2005