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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