Check out the latest news on tax law and policy page for the recently announced new measures – including those relating to large business.
International
OECD recommendations to eliminate hybrid mismatches that occur in cross border transactions known as 'Additional Tier 1' (AT1).
Toughening of the multinational anti-avoidance law (MAAL).
Foreign investment
Foreign investors who acquire residential property from 9 May 2017 will have to pay an annual fee if they don't live in or rent their property out for at least 6 months a year.
Residential fees for applications lodged with the Foreign Investment Review Board (FIRB) will increase by 10 per cent from 1 July 2017, for properties valued under $10 million.
The foreign resident capital gains withholding regime will see the current $2 million threshold reduced to $750,000, and the withholding tax rate will increase from 10% to 12.5%. These changes will apply from 1 July 2017.
Housing
From 1 July 2017 a managed investment trust (MIT) will be able to acquire, construct or redevelop housing to hold for rent – provided it derives at least 80% of its assessable income from affordable housing.
Other reforms
From 1 July 2017, a major bank levy will be introduced for authorised deposit-taking institutions (ADIs) with licenced entity liabilities of at least $100 billion.
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