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Australian Treasurer Announces New Tax Compliance Requirements for Investments in Australia — Orbitax Tax News & Alerts

On 22 February 2016, Australian Treasurer Scott Morrison announced new tax compliance requirements for multinational companies investing in Australia. According to Morrison, all foreign enterprises operating in Australia are expected to meet all obligations imposed under the tax laws and to cooperate with the Australian Taxation Office in a timely and complete manner. Failure to do so may result in prosecution, fines and potentially divestment of Australian assets.

Whether foreign investors are meeting their compliance obligations will become part of the Foreign Investment Review Board's (FIRB) national interest assessment process. Investment applicants will be required to meet a number of specific conditions, and provide an annual report to the FIRB on their compliance.

Click the following link for the release from Treasurer Scott Morrison and the list of compliance conditions.