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The announcement by the Government that the much delayed reforms to Australia’s Controlled Foreign Company (CFC) regime have yet again been deferred will further anger big business and Australian companies going offshore, according to leading advisory firm Grant Thornton.
"The amendments to simplify and stream line the anti-deferral measures in respect of income derived offshore by Australian businesses were first announced in the 2009-10 budget," said Brett Curtis, Tax Partner at Grant Thornton Australia.
"Various discussion documents were released and public consultation was called for. Yet the reforms remain up in the air."
"The delay of these measures provides continued uncertainty for Australian companies doing business offshore. Tax payers are setting up offshore operations without knowing how such operating structures may be taxed in the future."
"Combined with the constant tinkering of the Australian tax system and the other announced measures to international taxation and transfer pricing, Australian businesses are required to continually evaluate their offshore structures and whether they are the most efficient from a tax and regulatory perspective"
"At a time when the Government needs to increase revenues it appears to be providing greater uncertainty and obstacles for Australian businesses that are looking to offshore markets to increase growth."
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Helina Lilley
National Public Relations Manager
T +61 2 8297 2421
M 0437 725 520
E helina.lilley@au.gt.com
About Grant Thornton Australia Limited
Grant Thornton Australia provides audit, tax and advisory services to dynamic, growing organisations and is a single national firm, with over 150 Partners, more than 1,200 people across Australia and national turnover of AUD $232 million. Grant Thornton International is the fastest growing international accounting network in the world, with a global turnover of US$3.7billion and more than 30,000 people, and was recently named 2013 Network of the Year by the International Accounting Bulletin.