Australia had a change of government in May 2022. Since that time, legislation that impacts our international clients has been minimal.
The new government is set to deliver its first budget on Tuesday 25 October 2022. When released, you’ll be able to find all documents from the budget website. We will summarise relevant budget measures in a newsletter soon after the budget been released. Like all our newsletters, you’ll be able to find it on our website, or let us know if you’d like to subscribe by emailing info@krestonsw.com.au.
Joint Chiefs of Global Tax Enforcement
The Joint Chiefs of Global Tax Enforcement (J5) was formed on 1 July 2018 in response to a call to action from the OECD for countries to do more to tackle enablers of tax crime. The group brings together the leading tax, offshore tax evasion, cryptocurrency and cyber experts from Australia, the UK, US, Canada and the Netherlands.
Read more about the J5 operations on the ATO website here.
Pacific Australia Labour Mobility (PALM) Scheme
PALM allows eligible Australian businesses to hire workers from 9 Pacific islands and Timor-Leste when there are not enough local workers available. You can find more details on the PALM scheme on their website.
From 1 July 2022, the tax rate on certain income earned by foreign resident workers participating in the PALM scheme was reduced from 32.5% to a flat 15%.
If you need clarification on any of the above issues, feel free to contact us.
Author – Darren O’Malley
*Correct as of 12 October 2022
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.
