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Farewell, OBUs: Offshore Banking Unit regime to be abolished


Farewell, OBUs: Offshore Banking Unit regime to be abolished

On 17 March 2021, the Federal Government introduced the Treasury Laws Amendment (2021 Measures No 2) Bill 2021 (the Bill) to abolish the Offshore Banking Unit (OBU) regime.

19 March 2021

Consultation Paper – Buying in NSW, Building a Better Future

King & Wood Mallesons welcomes the opportunity to respond to Treasury’s consultation paper on a possible approach to replacing stamp duty and land tax in New South Wales...

18 March 2021

High Court rules no interest payable on overpaid GST in Travelex – clarifies how amounts can be allocated to running balance accounts

In Federal Commissioner of Taxation v Travelex Limited [2021] HCA 8, the High Court of Australia has unanimously held that the Commissioner of Taxation (Commissioner) was not obliged...

17 March 2021

China’s 14th Five-Year Plan: a blueprint for growth in complex times

China’s annual National People’s Congress parliamentary session will take place in March to approve the country’s social and economic development plans for the period 2021-25.

09 February 2021

Pillar One and Pillar Two: Sent from Pillar to Post?

On 12 October 2020, the OECD released a Blueprint for each of the Pillar One and Pillar Two initiatives (Pillar One Blueprint and Pillar Two Blueprint, or together,...

09 December 2020

Climate change litigation in Australia: Legislative and legal pressure build.

Recent political, legal and legislative developments mean that pressure on Australian companies to address climate risk has never been higher.

09 November 2020

Major tax success for utilities: appeal judgment handed down in Victoria Power Networks

The Full Federal Court handed down its decision in Victoria Power Networks Pty Ltd v Commissioner of Taxation on 21 October 2020, with a unanimous decision to...

28 October 2020

Stamp duty and contingent consideration

The recent decision in Resolute Mining Limited v Commissioner of State Revenue is an important reminder of the need to carefully consider the duty implications of any...

19 October 2020

From me to you - MySuper’s evolution to YourSuper

Though there were no changes to the legislated increase in the rate of superannuation guarantee, the 2020-21 Federal Budget still packed a punch for the superannuation industry.

12 October 2020

Pillars of Strength?

In June 2020, the United States pressed “pause” on its participation in the OECD’s Pillar One and Pillar Two initiatives, which are designed as “phase 2” of the...

07 October 2020

Federal Budget 2020-21: Small Business

The amendment of the small business entity turnover threshold from $10 million to $50 million will see 10 small business tax concessions extended to medium-sized businesses.

06 October 2020

Federal Budget 2020-21: Infrastructure

Infrastructure spending has been a major focus of this Budget, with significant road and rail projects totalling $14 billion over the next 4 years.

06 October 2020

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