GST changes for cross border transaction commencing 1 October 2016

Relief for Australian entities making outbound supplies Where a supply is contractually made to an overseas entity but is actually provided to a recipient in Australia, it will be GST-free provided the Australian recipient of the supply is: a GST registered entity supply is not of a private or domestic nature It also applies if …

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General Purpose Financial Statements for Significant Global Entities

This is a new requirement in the Australian compliance landscape. It is in addition to all existing requirements. Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 – changes effective from 1 July 2016 to require lodgement of the General Purpose Financial Statements (GPFS) with the Australian Taxation Office (ATO) with their annual tax assessments, …

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Purchasing Real Estate in Australia – Foreign Investment

What is available to buy? Foreign investors are allowed to purchase commercial properties, newly developed residential property or vacant land for the purpose of development of residential real property in Australia. If the investor obtains a temporary resident visa in Australia allowing them to reside in Australia for period of more than 12 months then …

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TAX LAW UPDATE – FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING PAYMENTS

What is it? Introduction of new tax regime under Tax and Superannuation Laws Amendment (2015 Measures No. 6) Act 2016 whereby when a foreign resident sells certain taxable Australian property, the purchaser of such property will be required to withhold 10% of the purchase price and pay that amount to the Australian Taxation Office (ATO). …

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INSOLVENCY: CROSS-BORDER CLAIMS – FOREIGN DEBTS AND INSOLVENCY- WHAT IS THE STATUS OF YOUR CLAIM?

The Cross-Border Insolvency legislation permits a foreign representative to commence an insolvency proceeding in Australia where the debtor is subject to a foreign proceeding. Difficulties surrounding cross-border insolvencies can result in risk and cost to businesses involved in international trade in goods and services. The legislation assists in the integration of national financial systems with …

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MORE THAN JUST TARIFFS – KOREA AUSTRALIA FREE TRADE AGREEMENT

The Korea Australia Free Trade Agreement (“KAFTA”) entered into force on 12 December 2014 This agreement did not just contain provisions for the removal of tariffs for the trade in goods it also aims to eliminate other barriers which impedes on the trade relationship between the two countries. Set out below are a few of …

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