June 04, 2013
Montreal, International Corporate Tax
Australia's 2013 budget, which was delivered on May 14, 2013, proposes to introduce business taxation changes including amendments to the thin capitalization regime, interest deductibility rules, a mining exploration expenditure measure, and tax consolidation rules. While the government's specific announcements are significant, Australia is in an election year and it is unclear whether these provisions will be enacted before Parliament is dissolved.
The budget also proposes to limit the capital gains tax exemption for non-residents, and to impose a withholding tax on certain proceeds of disposition.
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