Australia Tax News
Review of CFC and FIF rules
Treaty between Australia and Norway – details
Treaty between Australia and France – details
Taxation of Australian residents performing independent services for Italian entity explained
Protocol to treaty between New Zealand and Australia approved
Treaty between Australia and France signed
ATO denies interest withholding tax exemption to a US pension fund
Australian Taxation Office denies interest withholding tax exemption to US financial institution
Australian Taxation Office explains interaction between tie-breaker clause in treaty between Australia and New Zealand and domestic tax legislation
Australian treatment of shipping and aircraft leasing profits of UK and US enterprises
Treaty between Australia and US – ATO explains its understanding of LoB article
Budget for 2006/07 – details
Draft Taxation Ruling on application of "same business test" to tax consolidated groups
Classification of Korean Hapja Hoesa for Australian income tax purposes
ATO to allow refunds of royalty withholding tax
Availability of US dependent territories' tax information to Australian tax authorities
Taxation ruling on withholding tax on shipping income
Draft taxation ruling on withholding tax on payments to non-residents for works and related activities
Protocol to treaty between Australia and New Zealand submitted for ratification
Following a reduction in withholding tax rates in the 2001 protocol to the Australia-US tax treaty, Australia is required under the most-favoured-nation clause in its existing treaty with Korea (Rep.) to renegotiate the 1982 Australia-Korea (Rep.) treaty.
French Court of Appeals decision on debt waivers granted to branches of foreign subsidiary by French parent company published
German state-owned bank not exempt from interest withholding tax
Legislation on loss recoupment rules for companies details
Australia's Trade Minister has announced that the tax treaty between Australia and Turkey is to be finalized shortly.
On 15 November 2005, Australia and New Zealand signed in Melbourne, Australia, a protocol to update the1995 tax treaty.
In McDermott Industries (Aust) Pty Ltd v. FCT, the taxpayer company argued that it was not required to withhold tax on bare boat charter payments that it made to a Singaporean company (S-Co). Australia's Federal Commissioner of Taxation sought to apply a rule that a deduction for a royalty subject to withholding tax is not available to the paying company, unless it has paid the withholding tax (in which case the deduction becomes available in the year in which the royalty was incurred). The taxpayer's position was that royalty withholding tax was not payable because S-Co had a deemed permanent establishment under the tax treaty between Australia and Singapore to which the royalties related.
Tribunal rules that fees for credit ratings services taxable as "royalty"
In a joint press release issued on 14 July 2005, the Prime Minister of Australia and the President of the Republic of Chile announced that Chile will host in Santiago in early September 2005 the first round of negotiations for a tax treaty between Australia and Chile.
Australia and New Zealand have announced that discussions recently began for a review of the Australia-New Zealand income tax treaty signed on 27 January 1995.
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