On May 8th, the Australian Treasury released draft legislation for public comment relating to changes to Australia's exemption rules for foreign non-portfolio dividends. The legislation provides for the following changes:
- The wording of the exemption application is changed from when an Australian company holds a 10% "voting interest" of a foreign company to a 10% "participating interest", and from dividends made in respect of a "voting interest" to made in respect of an "equity interest" - t…