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property

Vacancy Fee Introduced in Australia

International Tax Alert

Vacancy Fee Introduced in Australia for Foreign Investors in Residential Property

New rules in Australia have imposed an annual vacancy fee on foreign owners of residential real estate in situations where a property is not occupied or not genuinely available for rent for at least six months in a 12 month period.

Australia’s Federal Government recently passed the law to increase the amount of housing stock available for occupation.

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uk-budget-summary

UK Budget 2017 Summary

UK Chancellor Philip Hammond announced the Autumn Budget on 23 November 2017

6 Key points

London member firm Alliotts referred to the Chancellor’s second budget of the year as ‘A Budget for Building the New Economy’ and drew attention to the Government’s commitment to further investment in technology, incentives for knowledge-based companies and funding for the development of construction skills to plug the skills shortage.

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Australia

AUS GST changes to foreign importers and Australian consumers July 2018

Changes will expand Australia’s GST base

Australia’s Goods and Services Tax (GST)* rules on the import of goods into Australia will change 1 July 2018 as Australia continues to modernise its tax rules to make them more applicable to new business models being used in the digital economy.

Australia’s GST rate is 10% and a business is required to register for GST if its actual or anticipated sales over the next 12 months exceed $AUD 75,000.

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Alliott NZ named Top 30 NZ firm 🇳🇿

Auckland’s Alliott NZ Chartered Accountants has been recognised as one of Chartered Accountants Australia and New Zealand’s (CAANZ) Top 30 accounting firms in New Zealand.

A compilation of the country’s top accounting firms has shone a light on the contribution NZ accountants make to not only businesses, but their communities as well. Accounting firms in New Zealand were ranked for the first time and the Top 30 list was announced in Sunday Star-Times in a partnership between Fairfax Media and CAANZ.

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QLD state flag

NZ attacks QLD Government over trade and job risks

TRADE ministers on either side of the Tasman are questioning the legality of the Palaszczuk government’s proposed “Buy Queensland” procurement policy.

QLD Premier Annastacia Palaszczuk says she is unrepentant about her Buy Queensland procurement policy after it caused a stir across the Tasman in New Zealand.

A riled-up New Zealand Government extraordinarily slapped down the Premier, accusing her of “lacking an understanding of how trade works” and putting at risk Queensland jobs.

Premier Palaszczuk said the first Australia-NZ government procurement agreement struck by the Goss Labor government in 1991 “doesn’t make sense”.

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Australia

Australian Government’s changes to foreign resident withholding tax regime

On 9 May 2017, Australia’s Federal Government announced substantial changes to the rate and threshold of its Foreign Resident Capital Gains Withholding (FRCGW) regime which has been in force since 1 July 2016.

Alliott Group member firm BRH Lawyers in Brisbane explain the changes and what foreign residents purchasing property in Australia need to be alive to.

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Australia

Australia’s changing investment orientation

More Australian investment in South East Asia than New Zealand

Article first published in ANZ BlueNotes May 2017

It is perhaps not surprising in a country which has long been dependent on a net inflow of foreign investment a watershed event like this would be overshadowed by familiar debates over whether Chinese investors are driving up house prices or whether an Indian investment in coal should be subsidised by the government.

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Australia

Evolution of tax residency definition by ATO needs to be observed by international companies

International companies with an interest in doing business in Australia will be interested to learn that the Australian Taxation Office (ATO) has recently issued a draft taxation ruling TR 2017/D2 Foreign Incorporated Companies: Central Management and Control test of residency. Simultaneously, the ATO has withdrawn its earlier tax ruling TR 2004/15 which covered similar issues.

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