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The Policy Paper reinforces that any reforms to trust taxation will incorporate and build on broadly accepted principles but leaves open several issues
The Australian Government announced on 28 August that it is exploring the feasibility of an intergovernmental agreement (IGA) with the US to minimise the costs for Australian stakeholders of complying with Foreign Account Tax Compliance Act (FATCA
Trustees and beneficiaries now have an opportunity to contribute to the Government's impending rewrite and modernization of the income tax laws applying to trusts
On 11 May 2010, the Australian Federal Government announced as part of the Budget that it will phase down Australian interest withholding tax arising in respect of interest paid by financial institutions on certain offshore borrowings, with effect from the 2013-14 income year, a move that presents some opportunities, challenges and uncertainties for debt capital raisings by financial institutions operating in Australia
Significant changes to the taxation of managed investment trusts will be in place by 1 July 2011, which should lead to greater certainty, reduced compliance costs, and (in some cases) less tax payable
