Corporate Tax Residency Review
In August 2019 the Treasurer wrote to the Board of Taxation asking the Board to conduct a review of the operation of Australia’s corporate tax residency rules. The purpose of the review is to ensure that the rules are operating appropriately in light of modern, international and commercial board practices and international tax integrity rules.
Terms of Reference
The terms of reference set out by the Treasurer are for the Board to consider whether the existing rules:
- minimise commercial uncertainty and ambiguity;
- are consistent with and aligned with modern day corporate board practices;
- protect the tax system against multinational profit shifting; and
- otherwise support Australia’s tax integrity rules as they apply to multinational corporations.
The Board has appointed Board member Neville Mitchell to lead the work on this review. Mr Mitchell is assisted by fellow Board members Dr Julianne Jaques and Mrs Ann-Maree Wolff. Representatives from academia, industry and the tax profession will also be assisting in the review.
The Board has prepared a consultation paper in order to initiate the first part of its review. The consultation paper sets out some observations on the current corporate residency rules, and poses a number of questions about the ongoing viability of these rules for stakeholder consideration.
The Board seeks your input via the following consultation options:
- In person: the Board will be undertaking roundtable consultations:
- Melbourne (Wednesday 2 October 2019)
Roundtable 1: 13:30pm to 15:00pm
Roundtable 2: 15:30pm to 17:00pm
- Sydney (Thursday 3 October 2019)
Roundtable 1: 9:30am to 11:00am
Roundtable 2: 11:30am to 13:00pm
- Perth (Wednesday 16 October 2019)
Roundtable: 14:00pm to 15:30pm
- Written submissions: the Board will be accepting written submissions (by email or post) until 4 October 2019. Details can be found in the consultation paper. All submissions will be published except where the submission is made on a confidential basis.
You can register your interest in attending one of the roundtables by emailing firstname.lastname@example.org
Please contact the Board of Taxation Secretariat at email@example.com or +61 2 6263 4366 for more information.