Tax Policy

The Minister of Revenue announced today that the Convention on Mutual Administrative Assistance in Tax Matters will come into force on 1 March 2014. For more information please see the Minister’s media statement.

The Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Bill introduced to the House in May last year, was passed by Parliament yesterday. Key features of the new legislation include reforms to the taxation of foreign superannuation to make the rules simpler and easier to comply with and changes to the rules for the mining of certain minerals.  It also provides a minimum financial reporting framework for companies.  The new legislation now awaits Royal assent.  For more information see the Minister of Revenue’s media statement.  A special report on the changes to foreign superannuation will be published in March.  Full coverage of the new Act will be published in the Tax Information Bulletin.