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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