*China and Australia complete negotiations for Free Trade Agreement; revised DTA to follow [8]

The Prime Minister on Mon 17.11.2014, announced the completion of negotiations for a China-Australia Free Trade Agreement. With a view to maximising the benefits of the FTA for business, Australia and China have also agreed to review their bilateral taxation arrangements, including relief from double taxation. Key outcomes under the China-Australia FTA include: More than…

*BEPS: OECD releases discussion drafts on Action 7 (Artificial avoidance of PE status and Action 10 (transfer pricing guidance of management fees etc.) [9]

The OECD has released 2 new discussion drafts of the BEPS Action Plan on: Action 7 – Prevent the Artificial Avoidance of PE Status. Action 10 – Proposed Modifications to Chapter VII of the Transfer Pricing Guidelines Relating to Low Value-Adding Intra-Group Services. The Action 7 draft includes the preliminary results of the work carried…

*Trusts and phoenix taskforces info sharing; defence force tax exemption: regs amended [5]

The Tax and Superannuation Laws Amendment (2014 Measures No 3) Regulation 2014 was registered on Mon 17.11.2014. It amends the Taxation Administration Regulations 1976 to allow for the sharing of taxation information between the ATO and other agencies for the purposes of investigations being carried out by the Trusts Taskforce and the Phoenix Taskforce. In…

Japan-Australia Economic Partnership Agreement: Bills pass Reps [3]

The Customs Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 and Customs Tariff Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 were both passed by the House of Reps on Tue 25.11.2014 without amendment and now move to the Senate. The first Bill proposes to amend the Customs Act 1901 to implement Australia’s obligations under…

*Tax and Superannuation Amendment (2014 Measures No 6) Bill 2014 – passes House of Representatives [1]

The Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 was passed by the House of Reps on Tue 25.11.2014, without amendment and now moves to the Senate. The Bill contains amendments relating to: extending the existing CGT business restructure roll-overs; ensuring that foreign pension funds can access the managed investment trust (MIT)…

*Publication of company tax information to start 1 year earlier if Private Member’s Bill passes (2012/13 year onwards) [6]

Shadow Assistant Treasurer Andrew Leigh on Mon 24.11.2014, introduced a Private Member’s Bill in the House of Reps – the Tax Laws Amendment (Tax Transparency) Bill 2014. The Bill seeks to bring forward by one year the publication of data about the tax paid by companies with total income over id=”mce_marker”00m. If the Bill is…