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08 November 2016

Australia releases Treasury discussion paper regarding lower nonresident withholding taxes for Australian managed funds

The Australian Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer, released a Treasury discussion paper on November 3, seeking input on how Australia's nonresident withholding tax (NRWT) rules apply to Australia's collective investment vehicles (CIVs) and potential adjustments to ensure that the Australian funds management sector is internationally competitive. Under Australia's tax system, many different tax and withholding rates may apply to nonresidents investing into Australian funds: this complexity presents a barrier to the asset management sector's international competitiveness. This review and the potential for changes to support Australia's development as a regional financial services hub is a positive development.

A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-1894

Document ID: 2016-1894

 

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