FOREIGN – TAXATION – AUSTRALIA

Taxes may hit foreign developers

roymorgansocial Leave a comment

Original article by Larry Schlesinger
The Australian Financial Review – Page: 3 : 16-Jun-16

Frasers Property Australia CEO Rod Fehring has warned about unintended consequences of new charges applying to residential property acquired by foreign buyers. New stamp duty and land tax surcharges are being introduced in New South Wales, Victoria and Queensland. Fehring fears that the new charges could also affect foreign-owned property developers.

CORPORATES
FRASERS PROPERTY AUSTRALIA PTY LTD, AUSTRALAND PTY LTD, FRASERS CENTREPOINT LIMITED, PITCHER PARTNERS CORPORATE ADVISORY PTY LTD, NEW SOUTH WALES TREASURY. OFFICE OF FINANCIAL MANAGEMENT, NEW SOUTH WALES TREASURY. OFFICE OF STATE REVENUE, MERITON APARTMENTS PTY LTD

Pressure to relax tax hit on foreigners

roymorgansocial Leave a comment

Original article by James Eyers
The Australian Financial Review – Page: 15 : 12-Jun-15

Australia, New Zealand, Singapore, Thailand, South Korea and the Philippines have agreed to participate in the Asia Region Funds Passport initiative. Australia’s Assistant Treasurer Josh Frydenberg hopes to convince Japan to sign up as well. However, Australia may come under pressure to reduce the withholding tax rate on the income of foreign investors, amid concerns that it is a deterrent for offshore investors. The Financial Services Council advocates reducing the tax from 15 per cent to five per cent for investments made via the Funds Passport.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, FINANCIAL SERVICES COUNCIL, ASIA-PACIFIC ECONOMIC CO-OPERATION, MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED, JAPAN. FINANCIAL SERVICES AGENCY, NIKKO ASSET MANAGEMENT GROUP, PRICEWATERHOUSECOOPERS