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international tax transparency

ATO encouraging international tax transparency

Australian Tax Office (ATO) transparency regimes and initiatives part of commitment to combat international tax avoidance.

They involve comprehensive exchanges of taxpayer information and the number of jurisdictions they now exchange information with is growing.

The ATO works with the Organisation for Economic Co-operation and Development (OECD), Joint International Tax Shelter Information Centre (JITSIC) and overseas jurisdictions to improve global tax transparency. These regimes and initiatives contribute to ensuring individual and corporate taxpayers pay the right amount of tax in Australia.

The measures supporting international tax transparency include:

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Rough Seas Ahead for Multinationals

Rough Seas Ahead for Multinationals?

Short Report: The New Country by Country Reporting (CbCR) & Transfer Pricing Documentation Rules

This report stems from Alliott Group’s International Tax Services Group meeting in Sydney, Australia where international tax advisors from across the world engaged in a roundtable discussion on Action 13 of the Base Erosion and Profit Shifting (BEPS) Action Plan.

The report provides basic guidance on the CbCR and transfer pricing documentation recommendations, an update on the status quo in different countries and opinions from local tax practitioners.

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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 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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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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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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