On 31 March 2023, the Australian government released draft legislation and an explanatory memorandum regarding a new anti-avoidance measure, which prevents large multinational enterprises from claiming tax deductions for payments relating to intangibles “connected with low corporate tax jurisdictions.”
The Australian Treasury has released an exposure draft of legislation, which, if implemented, would require operators of electronic platforms to report to the Australian Taxation Office (ATO) identification and payment information regarding the sellers that participate on their platforms (“Sellers”).
The NSW State budget for 2020/21 was handed down on 17 November 2020 (“Budget”). The Budget contains measures that:
provide payroll tax relief and a program to encourage domestic and international businesses to relocate their head office, or expand their jobs footprint in NSW
allow land tax discounts
give transfer duty concessions for first home buyers and bush fire relief.
The Treasurer has also released a consultation paper setting out a significant proposal for tax reform, effectively replacing stamp duty over time with a property tax levied at higher rates than the current land tax.
In brief Baker McKenzie’s VAT/Indirect Tax Practice presented “VAT Around the World Pt. 1” on 18 November 2020. This was the sixth presentation in the International VAT Conference Webinar Series, a global webinar series designed for VAT specialists from all industry sectors that aims to discuss the latest developing trends…
The Australian Government has proposed welcome changes to the R&D tax incentive with effect from 1 July 2021, although without entirely retreating from its hotly debated proposed reforms (which the Senate Economics Legislation Committee is due to report on by 12 October).
Baker McKenzie’s Duties and Liabilities of Directors of Australian Companies is a comprehensive and timely guide for directors of Australian companies. Newly launched in September 2020, it reflects key issues for directors to consider in the current corporate governance landscape, while outlining their core legal obligations. Matters covered in this guide include…
As the COVID-19 pandemic continues to have a profound impact on businesses, companies have started to focus on navigating the medium- to long-term implications of this crisis. While disruption may pose challenges, we have also seen how various sectors are embracing and accelerating digital transformation as a way to achieve…
As the 2019 Novel Coronavirus (COVID-19) continues to spread across the world and restrictions to the mobility of people and goods increase, businesses are facing weakened financial markets, as well as disruption to workplace operations and business pipelines. Tax authorities across the globe have enacted amendments in order to cope…
A significant feature of the disruption to markets resulting from the COVID-19 pandemic is a sudden and unexpected disruption to supply chains particularly those crossing multiple national borders. Supply of components used in a supply chain may be disrupted due to reduced manufacturing activity in the source country or re-direction…
Australia’s export control rules for tangibles have been amended to more closely align with the regime for intangible supplies.