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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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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