Tax Changes

Tax changes

THE Federal Government has announced changes to its taxation treatment of foreign hybrid companies. Hybrid companies are defined as business structures that are treated for foreign tax purposes as partnerships, but are treated as companies under Australia’s current taxation laws. Examples include United Kingdom and United States limited partnerships and US limited liability companies.

The changes will remove unintended consequences such as double taxation and inhibiting overseas expansion of Australian companies.

Trade launched

LAST week the TradeStart program, a joint venture between State and Federal governments, was officially launched after several months in operation. TradeStart offers free services to small to medium sized enterprise Australian companies. It is offered through a partnership between the Small Business Development Commission, the Department of Industry and Resources and Austrade.

Quarantine questioned

A EUROPEAN Union decision to challenge Australia’s quarantine regime in the World Trade Organisation has been condemned by Australia’s trade and agricultural ministers.

Agriculture Minister Warren Truss said he was extremely disappointed with the EU while Trade Minister Mark Vaile said it was an example of the EU’s double standards.