Excerpted from the Australian Tax Treaties 2018 title, below are key changes which have occurred between 1 January 2016 and 1 January 2018.
During this period, two agreements came into force:
- The revised German Agreement that was signed on 12 November 2015 entered into force on 7 December 2016. This agreement (now Australian Treaty Series  ATS 23) became effective in Australia:
- from 1 January 2017 for withholding tax purposes
- from 1 April 2017 for fringe benefits tax purposes, and
- from 1 July 2017 for other Australian tax.
The German Agreement is the first treaty implementing some of the recommendations of the OECD’s Final Reports on Base Erosion and Profit Shifting and therefore some of the articles represent a material change to Australia’s existing treaties.
The previous German Agreement remained in effect for income derived and fringe benefits provided up until those dates. Both the revised and the previous agreements are included in full in the book, and the tables of treaties and withholding tax rates have been updated accordingly.
- The tax information exchange agreement (TIEA) with Brunei that was signed on 6 August 2013 entered into force on 25 February 2016 (now Australian Treaty Series  ATS 28). This information has been included with the full agreement in the book, and the table of TIEAs has been updated accordingly.
Also, three amending Acts were passed during 2016 that amended the International Tax Agreements Act 1953 to include the new German Agreement and make other minor changes. These amendments have been consolidated into the text of the Act included in Australian Tax Treaties 2018.
A perfect complement to the Australian Income Tax Legislation 2018 – 3 Volume Set, this title provides the text of all international tax agreements entered into by Australia as at 1 January 2018. A must-have for anyone advising businesses with cross-border transactions, you can rely on this book to find the rules on how businesses and individuals are taxed pursuant to Australia’s current tax treaties.