King & Wood Mallesons

Asia-Pacific 100 position: 3

Categories:Australasia,Tax

Budget 2013–14 — significant changes to the Australian taxation system

The 2013–14 Budget contains significant changes to the Australian taxation system to address revenue shortfalls and to seek to fund spending promises. There has been a particular emphasis on international transactions and closing perceived loopholes in the taxation system.

Among the more significant corporate reforms, the Government has:

  • proposed significant changes to Australia’s thin capitalisation regime;
  • made a targeted approach to profit shifting activities;
  • confined exploration expenditure;
  • removed interest deductions for funding non-portfolio investments in foreign subsidiaries; and
  • introduced a new taxing regime for capital gains tax (CGT) on non-resident investors in Australian real property…

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Overview

Level 61, Governor Phillip Tower
1 Farrer Place
Sydney
NSW 2000
Australia
http://www.kwm.com

Jurisdiction: PRC/Australia
No. of offices: 20
No. of qualified lawyers: 1,252