Daily Archives: September 17, 2016

10% foreign CGT withholding provisions – exemption given for LPR’s and beneficiaries of deceased estates and for surviving joint proprietors – by ATO ‘legislative instrument’

On 6 September 2016, the Commissioner registered a ‘legislative instrument’ which will sound obscure and is, in fact, not all that momentous. But it is a good basis for re-visiting the non-resident CGT withholding provisions in Subdiv 14-D of the Taxation Administration Act 1953 – First Schedule (TAA1), and the weird and wonderful way in which they work. What…

Singapore and Australia to share data by ‘Competent Authority Agreement’, using the ‘Common Reporting Standard’ to reduce tax evasion

The Inland Revenue Authority of Singapore (“Singapore Authority”) and the Australian Taxation Office have entered into a Competent Authority Agreement (“Agreement”) on the automatic exchange of financial account information based on the Common Reporting Standard. The CRS is an internationally agreed standard for automatic exchange of information, endorsed by OECD and Global Forum for Transparency…