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Australian Government Releases Forward Work Programme

Monday, March 1, 2010

Australia’s Assistant Treasurer, Nick Sherry, has today released the government's updated forward work programme, which outlines the consultation process for announced tax and superannuation measures, with a proposed schedule of reforms to be introduced in the current sittings of parliament.

The government publishes a forward work programme for announced tax measures at regular intervals during the year. Measures announced by the previous government, but which were not enacted, are included on the forward work programme as the government decides how or whether they should proceed.

"The publication of a forward work programme for tax measures provides greater transparency in the tax design process," Sherry said. "It allows for a more inclusive and meaningful consultation process with taxpayers and tax professionals."

"This forward work programme shows the government is consulting with the community as it gets on with the job of tax reform," he added. "Measures to be introduced in the current sittings of parliament are aimed at improving the operation of tax integrity rules."

Measures to be tabled or included in the remaining parliamentary sittings of 2010, which have gone through their consultative process, include reforms to the goods and services law to make a number of changes to the legal framework for the administration of the GST to reduce taxpayer compliance costs and to streamline and remove anomalies in the law.

Other measures to be introduced shortly are intended to extend the operation of the tax regulations to cover circumstances where a shareholder or associate is permitted to use company assets for free or at a discounted rate; and also extend the tax file number withholding tax requirements to closely held trusts and family trusts to ensure the beneficiaries of these trusts pay their fair share of tax on income from these trusts.

Measures to be introduced at later sittings encompass a reform of the tourist refund scheme; an amendment to the non-commercial loan rules to prevent private companies paying tax-free dividends to their shareholders; and a replacement of the research and development (R&D) tax concession with a simplified R&D tax credit. The government is also to canvass options to consolidate, streamline and improve the operation of the tax provisions designed to counter anti-avoidance.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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