Offshore Banking Unit regime changes – Government releases a discussion paper and postpones start date from 1 July to 1 October 2013 [12]

The Government has issued for comment a discussion paper on reforms to the Offshore Banking Unit (OBU) regime. As part of the 2013 Federal Budget, the Government had announced that it would amend the OBU regime “to better target genuine mobile financial sector activities and address integrity issues with the current regime”. The regime taxes…

*US FATCA withholding and other deadlines extended to 30 June 2014 [18]

On 12 July 2013, the US Treasury and the IRS announced revised timelines for Foreign Account Tax Compliance Act (FATCA) withholding, new account opening procedures, due diligence transition rules on pre-existing obligations, reporting US accounts, and registration deadlines. A senior Treasury official said that the additional time was intended to allow for more jurisdictions to sign up…

*Neil Olesen has been appointed as a full-time Second Commissioner of the ATO for a 5-year period from 1 July 2013 [11]

The Government has announced the appointment of Neil Olesen as a full-time Second Commissioner of the ATO for a 5-year period from 1 July 2013. The Assistant Treasurer said Mr Olesen has been acting as a Second Commissioner of Taxation since October 2012 and has worked for 30 years in tax and superannuation administration and has held senior positions…

*Treasury scoping paper released examining risks to Australia’s corporate tax base through multinational profit shifting and tax base erosion [23]

The Government on Wed 24.7.2013, released a Treasury scoping paper examining the risks to the sustainability of Australia’s corporate tax base. Assistant Treasurer David Bradbury said the paper “represents an important piece of analysis, framing the challenges to Australia’s corporate tax system both in terms of our own history and in the broader international context”.…

*Treasurer to take responsibility of financial services and superannuation and the Assistant Treasurer will assist him [10]

The new Treasurer Chris Bowen has taken primary responsibility for financial services and superannuation (following the resignation of Bill Shorten as the former Minister of Financial Services and Superannuation). The Assistant Treasurer David Bradbury has taken on the role of Minister Assisting for Financial Services and Superannuation (and has been sworn in as a Minister…