According to reports, the Australian business community will have little time to sit and catch its breath after last year's crop of high profile tax reforms, as the re-elected Howard government has another 15 issues on the agenda for the next three years.
Alongside changes to imputation arrangements, new value shifting rules, changes to non-resident withholding taxes, and amendments to the deductability of certain expenditures, a wide-ranging review of the country's international tax regime is to be undertaken, including changes to the consolidation rules.
The new rules, which will allow groups of companies to be taxed as a single entity, were scheduled for launch last year, but were postponed when it became clear that businesses were suffering from 'reform fatigue', and that the July 1 deadline could not be met.
Although doubtless slightly daunted by the rash of rule changes which look set to take place over the next three years, tax professionals and companies alike have welcomed the prospect of an international tax review, believing that it represents a chance for Australia to increase its attractiveness as a location for international business.
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