Australia

Tax Adviser or Australian Taxation Office Informer? The Mandatory Disclosure Proposal

As part of the 2016-17 Federal Budget, the Government announced that it will introduce Mandatory Disclosure Rules to require tax advisers (and in certain circumstances taxpayers) to report ‘aggressive tax arrangements’ to the Australian Taxation Office ("ATO"). At the same … Continue reading

Leave a Comment

Filed under Australia, Tax

Australian Federal Budget 2016 – Some reflections for large private groups and HNWIs

The 2016-17 Australian Federal Budget confirms that the Australian Taxation Office (ATO) will continue to be heavily focused on the tax affairs of private groups and high net worth individuals (HNWIs) (and their tax advisors).  However, there will be some … Continue reading

Leave a Comment

Filed under Australia, Tax

Australia introduces a new 10 per cent withholding obligation on purchasers of Australian real property from foreign residents

Amendments to Australian tax law have imposed a new 10 per cent non-final withholding obligation on the purchaser of interests in Australian real property (whether direct or indirect) when acquired from a foreign resident. The new measures will generally apply … Continue reading

Leave a Comment

Filed under Australia, Tax

Hong Kong Court refused to make a grant of administration ad colligenda bona for lack of special circumstances and special justification

In Re Oung Chi Lian Fang (HCMP2347/2015), the Hong Kong High Court refused an ex parte application for a grant of administration ad colligenda bona under s.36 of the Probate and Administration Ordinance. Introduction Ad colligenda bona grants are temporary … Continue reading

Leave a Comment

Filed under Australia, Hong Kong and Singapore, London, Offshore, Private wealth and trusts