Australian Govt Seeks Comment On Interest Withholding Tax Proposal
The Australian Government is seeking comment on a proposal to officially extend
eligibility for exemption from interest withholding tax (IWT) to state government
bonds. The proposal was originally announced on the 20th of May this year as part
of a broader suite of initiatives aimed at strengthening Australia’s financial
markets. These amendments will make bonds (but not other debentures or debt interests)
issued in Australia by State or Territory central borrowing authority eligible
for exemption from IWT providing they meet the requirements of section 128F
(of the Income Tax Assessment Act 1936), such as the public offer test. The measure will apply to interest paid on or after the date of Royal Assent. The measure is currently scheduled to be introduced, with a view to passage,
in the Spring 2008 Parliamentary sittings. The country's Treasury Department is seeking comments or submissions on this
proposal by the close of business on Monday 18th August, 2008 to assist in settling
the legislative features of this measure. .
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