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The Government has been busy securing international tax and trade agreements. We note these as Australia’s role in the region, security, and export markets rely on these agreements.
The Government signed the Convention between the Government of Australia and the Government of the State of Israel for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance on 28 March 2019. The Convention relieves double taxation and lowers withholding tax rates on interest, dividend and royalty payments.
The Governments of Australia and Hong Kong signed a free trade agreement on 26 March 2019. This agreement has not as yet been ratified. Under this agreement zero tariffs will be locked-in on goods, market access will be guaranteed for services suppliers, and conditions for two-way investment defined.
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The governments of Australia and Indonesia signed the Indonesia Australia Comprehensive Economic Partnership Agreement on 4 March 2019. The agreement reduces non-tariff barriers to trade and over time will allow 99% of Australian goods exports to enter Indonesia duty free or with significantly improved preferential arrangements. This agreement is yet to be ratified.
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Effective from 1 January 2020, the following countries will be added to the list of those exchanging taxpayer information. As part of this, residents of these countries are eligible to access a reduced withholding tax rate of 15% (instead of the default rate of 30%) on certain distributions from Australian Managed Investment Trusts (MITs).
Date of effect: 2019-20
The Government will seek to increase the annual cap for Work and Holiday (subclass 462) visas available to Indonesian citizens from 2,500 to 5,000 over a six year period from 2019-20 to 2024-25.
This article is for use of a general nature only and is not intended to be relied upon as, nor be substitute for, specific professional advice. No responsibility for loss occasioned to any persons or organisations acting on or refraining from action as a result of any information or material on our website will be accepted. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.
