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Key takeaways by Corrs Chambers Westgarth
On 25 October 2022, Australia’s Federal Treasurer Jim Chalmers introduced the new Labor Government’s inaugural budget. While the Budget is usually announced in May, this timing provided an opportunity for fiscal recalibration given the volatile (and inflationary) macroeconomic environment which has set in since the election.
Measures of note include proposed changes to the thin capitalisation rules (to more closely align with OECD proposals) and arrangements relating to the holding of intangible assets in low tax jurisdictions.
Rhys Jewell (Head of Tax), Simon Misfud (Partner) and Mark Payne (Partner) at our Australian firm, Corrs Chambers Westgarth, examine these in more detail.
Read the full article here.
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