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Media Release 2412/05/2009

Review of the Anti-Tax-Deferral Regimes

The Chairman of the Board of Taxation, Mr Richard Warburton, tonight welcomed the Assistant Treasurer’s announcement  that the Government supports all but one of the recommendations in the Board of Taxation’s report on its review of the foreign source income anti-tax-deferral regimes.

The Board’s key findings are:

The Board believes that its recommendations will make an important contribution towards ensuring that Australia’s tax policy does not unnecessarily impede Australian businesses with offshore operations. This is in line with the Government’s aim of making Australia a more attractive financial centre.

The Chairman expressed his thanks to those who contributed to the review, including the individuals and organisations that participated in the Board’s consultation forums and made submissions, members of the Board’s working group chaired by Mr Chris Jordan AO, officers of the Treasury and the Australian Taxation Office and the staff of the Board’s Secretariat.

The report is available from the Board’s website at www.taxboard.gov.au.