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Flagpost is a blog on current issues of interest to members of the Australian Parliament

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France's Digital Services Tax

France recently became the first major European economy to legislate a Digital Services Tax (DST), resulting in the following response on Twitter from US President, Donald Trump.   This Flagpost discusses the broader implications of France’s actions and Australia’s current position on a DST.  Read more...

Corporate Tax Transparency Report

In the lead up to the next federal budget and election campaigns, issues of tax are likely to again come to the fore of public debate. An important element of the debate relates to the more than $95bn in expected taxes coming from company and resource rent taxes. The information contained in the Australian Taxation Office’s (ATO) publication of the Corporate Tax Transparency Report provides some insight into the amount of tax paid by the largest companies operating in Australia.  Read more...

New Bill to accelerate tax cuts for small and medium sized businesses

The Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018 (the new Bill) was introduced into the House of Representatives on 16 October 2018. The new Bill seeks to implement the Government’s announcement of 11 October 2018 that it would bring forward by five years the implementation of tax cuts for small and medium sized incorporated businesses with annual turnover of less than $50 million per annum. The changes would mean that small and medium businesses will face a corporate tax rate of 25 per cent from 1 July 2021, rather than 1 July 2026.  Read more...

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018

The most material change made by the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018(the Bill) is to strengthen the rules for the remittance of GST on the sale of new properties. The change aims to reduce the risk of non-remittance arising from sellers being deliberately liquidated in order to escape their liabilities to creditors, employees or to the Australian Taxation Office (ATO), before re-forming as a new legal entity, a practice known as ‘phoenixing’ (see ATO). Read more...

Ireland announces a special tax rate for 'Knowledge Development Box'

Following the announcement regarding the new policy framework set out in the ‘Road Map for Ireland’s Tax Competitiveness’ as published in October 2014, the Irish government declared on 13 October 2015 that from next year it would cut the corporate tax rate to 6.25 per cent from the existing 12.5 per cent for revenues tied with companies’ patents and certain intellectual property (IP).  Read more...

The UK ‘Google Tax’: a model for Australia to follow?

The Treasurer has recently foreshadowed the introduction of specific tax arrangements modelled on the UK’s recently announced Diverted Profits Tax (DPT) which has been referred to as the Google Tax. Background Recently a number of countries, including Australia, have focused their tax policy on tax avoidance by multinational companies operating in their territory. This follows substantial work undertaken by the Organisation for Economic Cooperation and Development (OECD) in this area, several inquiries by national Parliaments, a non-government organisation report on Australian companies’ use of tax havens and increased amounts of public comment stemming from the work ... Read more...

Senate inquiry into corporate tax avoidance

In October, the Senate referred an inquiry into corporate tax avoidance (the Inquiry) to the Senate Economic References Committee (the Committee).  The Inquiry will examine tax avoidance and aggressive minimisation by multinational companies operating in Australia.  Public submissions close on 2 February 2015, and the Committee will report in June 2015. Read more...

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