Author: This email address is being protected from spambots. You need JavaScript enabled to view it.

Foreign persons (including temporary residents) who invest in Australian water now need to register their interest with the Australian Taxation Office.

In the current "stocktake period" of the legislation (1 July 2017 - 30 November 2017) a foreign person that currently holds or acquires during the stocktake period either a:

  • "registrable water entitlement" or
  • "contractual water right" whose term is likely to exceed 5 years as at 30 November 2017,

must register that interest on or before 30 November 2017, or 30 days after acquiring the interest, whichever is the later.

Read more: Foreign Ownership of Australian Water - Don't forget to register!

Written By: S. Eva Wolf

Tired of bossy blogs telling you to get an estate plan?  Good advice is boring. Your life is exciting and should have a dramatic ending.  And you can have it.  All you have to do is nothing.  So the next time someone tells you that you need an estate plan, tell them:

1.  Annie is your favorite musical. When your children misbehave you daydream about the day when they will be forced to live in a grubby orphanage and be abused by a cruel, alcoholic supervisor.  And, when your children act like angels, you are comforted by the certainty that in time a billionaire will rescue them from the orphanage, and they will live happily ever after.

2.  You’ve slaved away at a job that you hate for decades to amass great wealth, and no lawyer is going to swindle you out of ten grand (or less) to protect it.  If you spent that kind of money on something as practical as an estate plan, you might have to spend a little less on designer handbags or forego a mid-life crisis Maserati in favor of a mid-life crisis Corvette.

3.  Your favorite uncle is Sam. You’re thrilled that he could inherit your assets when you die and use them to fund a manned mission to Mars.

Read the entire article.

It is not news that globalization and internationalization of companies are phenomena that need to be considered by modern tax administrations. In many situations, such as tax evasion, harmful tax competition and money laundering, domestic statutes seemed to be ineffective in a global dimension. To cope with that, new forms of regulation have emerged.

Read more: Brazil’s Approach Towards Tax Exchange Of Information

Recent amendments to Philadelphia’s realty transfer tax will likely change the way commercial real estate is bought and sold. Rather than sell the real estate directly and record a traditional deed to evidence the transaction, it is common practice to sell ownership interests in the company that holds title to the real estate. This approach often significantly reduces the realty transfer tax due as a result of the transaction because the value used to compute the tax is based on the property’s assessed value, which is often lower than the purchase price for the company. Moreover, selling less than 90% of the equity in the company does not trigger any tax at all, provided the seller holds the remaining equity for at least three years.

Read more: Amendments to Philadelphia's Realty Transfer Tax Will Have a Significant Impact

On 1 November 2016 the amendments to the Income Tax Act entered into force in Estonia adopting the amendments of the EU Directive No. 2011/96/EU on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States (hereinafter the Directive). The aim is to apply the general anti-abuse clause regarding the division of profits between parent companies and subsidiaries as well as to avoid double non-taxation with regard to hybrid loans.

Read the entire article.