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Withholding tax improvements with NZ
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| Nick Sherry |
The tax arrangements between Australia and New Zealand have been further refined via a new tax treaty between the two countries, including improved arrangements on withholding tax.
The changes, announced in a joint statement issued by the Assistant Treasurer, Nick Sherry, and the Minister for Trade, Simon Crean, will see a reduction on withholding tax rate limits on certain dividends, certain classes of interest and on royalty payments.
The announcement said these changes reduce the cost to Australian businesses of accessing intellectual property, equity and finance for expansion.
It said the new treaty would also assist the Australian managed funds industry by providing rules to allow Australia’s managed investment trusts to access the treaty’s benefits on income derived from New Zealand.
The new treaty will come into effect when the necessary legislation has been ratified in both countries.
AUTHOR
Mike Taylor
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