Efficiency and competitiveness of Australia’s Superannuation System – Productivity Commission releases its proposed ‘framework’ for assessing this

Tax Month - August 2016

The Productivity Commission has released its proposed framework to assess the efficiency and competitiveness of Australia’s $2 trillion superannuation system. ‘Our superannuation system is large, complex and has broad reach. This means even small system improvements can offer significant financial benefits to Australian workers, particularly in their retirement.’ ‘We have developed a framework that will…

Understanding Country-by-Country reporting requirements – ATO announcement about its ‘Local File – High Level Design’ document

Tax Month - August 2016

To help you understand the new Country-by-Country reporting requirements, the ATO now has a publication on the high level design of the Local file (similar to that released on 7 July). The Local file is a statement multinational entities with an annual global income of A$1 billion are required to provide us for income years…

OECD discussion draft on BEPS/’thin cap’ measures for interest in the banking and insurance sectors (carved out of ‘fixed ratio’ of its tax-EBITA general recommendation)

Tax Month - August 2016

28/07/2016 – Interested parties are invited to provide comments on a discussion draft which deals with approaches to address BEPS involving interest in the banking and insurance sectors under Action 4 (Interest deductions and other financial payments) of the BEPS Action Plan. In October 2015, the BEPS Action 4 Report Limiting Base Erosion Involving Interest Deductions and Other…