Company tax cut do not proceed GST Government response to Board of Taxation report: GST cross-border transactions minor changes Income tax ensuring the effective operation of the general anti-avoidance rule International tax Australia-Bahrain tax information exchange agreement International tax Australia-India tax protocol International tax increase in managed investment trust final withholding tax rate Tax compliance maintaining the cross-agency approach to preventing abuse of secrecy jurisdictions (Project Wickenby)
Approx. 1 May 2013
International tax tax information exchange agreement with Uruguay Protecting the corporate tax base from erosion and loopholes addressing aggressive tax structures that seek to shift profits by artificially loading debt into Australia Protecting the corporate tax base from erosion and loopholes closing loopholes in the Offshore Banking Unit regime Protecting the corporate tax base from erosion and loopholes increasing ATO compliance checks on offshore marketing hubs and business restructures Tax compliance Australian Taxation Office trusts taskforce Tax compliance improving compliance through third party reporting and data matching
26 June 2013
7 September 2013 - 1 July 2016
Approx. 1 May 2014
Research and Development Tax Incentive reducing the rates of the refundable and non-refundable tax offsets Restoring integrity in the Australian tax system further decisions
-Administrative cooperation/transparency through auto exchange and CRS
-Strengthened transfer pricing and anti-avoidance rules.
Senate Inquiry into Corporate Tax Avoidance kicks off with the October 2014 release of the TNJ Report on Tax Avoidance by ASX200.
18 Aug 2015 - Part 1: You cannot tax what you cannot see.
22 Apr 2016 - Part 2: Gaming the system.
30 May 2018 - Part 3: Much heat, little light so far.
'Learn' from UK DPT
9 December 2014
Hockey advised (in impromptu media interview) that Australia will 'learn' from the UK DPT. See LeGrand
1 May 2015
Combatting multinational tax avoidance a targeted anti-avoidance law (PE - 7) Combatting multinational tax avoidance new transfer pricing documentation standards (CBC - 13) Combatting multinational tax avoidance stronger penalties GST applying to digital products and services imported by consumers (Dig. 1) Modernising the Offshore Banking Unit regime Research and Development tax incentive introducing a $100 million expenditure cap
15 September 2015
-Australia meets CFC standards (Action 3)
-Australia already tightened Thin Cap (Action 4)
-ATO already implemented Exchange of Rulings (Action 5)
-MAAL already before Parliament ("Action 7")
Applying GST to Low Value Goods Imported by Consumers (Dig. 1) Tax Integrity Package a new diverted profits tax (PE? 7) Tax Integrity Package establishing the Tax Avoidance Taskforce Tax Integrity Package implementing the OECD hybrid mismatch arrangement rules (Hyb. 2) Tax Integrity Package increasing administrative penalties for significant global entities Tax Integrity Package strengthening transfer pricing rules (T/P 8-10) Ten Year Enterprise Tax Plan
2 July 2016 - 17 May 2019
Approx. 1 May 2017
GST removing the double taxation of digital currency Tax Integrity Package application of the OECD hybrid mismatch rules to regulatory capital Tax Integrity Package toughening the multinational anti-avoidance law
Approx. 1 May 2018
Company Tax significant global entity definition amendment International Tax updating the list of information exchange countries Miscellaneous Amendments ongoing care and maintenance of Treasury portfolio legislation Tax Integrity thin capitalisation valuation of assets and treatment of consolidated entities
24 August 2018
26 October 2018
Review of Offshore Banking Unit regime announced.
Approx. 1 May 2019
International Tax signing the Australia-Israel Tax Treaty International Tax updating the list of information exchange countries Tax Integrity clarifying the operation of the hybrid mismatch rules Tax Integrity extension and expansion of the ATO Tax Avoidance Taskforce on Large Corporates, Multinationals and High Wealth Individuals
18 May 2019 - Present
Draft CFC Legislation
February 2011 - December 2013
Discarded by LNP.
1 November 2011 - 7 January 2013
Modernisation of Transfer Pricing Provisions.
Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012 and
Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 introducing Subdivs 815-A and 815-B to D respectively.
Ratification Instrument Deposited at 26 September 2018 and effective pursuant to MLI Article 4
12 November 2014
TR2014/6 Income tax: transfer pricing - the application of section 815-130 of the Income Tax Assessment Act 1997
13 April 2016
TD 2016/6 Income tax: is an amount that is a cost in relation to a debt interest covered by paragraph 820-40(1)(a) of the Income Tax Assessment Act 1997 (ITAA 1997) deductible under section 25-90 of the ITAA 1997 (or, alternatively, under subsection 230-15(3) of the ITAA 1997) where that amount is incurred in earning income that meets the requirements of both section 23AH of the Income Tax Assessment Act 1936 and section 768-5 of the ITAA 1997?
26 April 2016
TA 2016/1 Inappropriate recognition of internally generated intangible assets and revaluation of intangible assets for thin capitalisation purposes
Tax Avoidance Taskforce announced with Budget
18 December 2017
Practical Statement Law Administration 2017/2 Diverted Profits Tax Assessments
1 August 2018
TD 2018/D4 Income tax: thin capitalisation - valuation of debt capital for the purposes of Division 820