Federal Budget 2021-22: ATO Inbound Investment Services
Tax Law - 12 May 2021
The Government has announced that the Australian Taxation Office (ATO) will introduce an early engagement service to give certainty to potential inbound investors newly investing in Australia of their Australian tax obligations.
The service intends to assist investors by:
- Providing information about how the Australia tax legislation will apply to their specific circumstances.
- Expediting their private binding rulings and advance pricing agreements.
- Supporting the investor to meet Foreign Investment Review Board (FIRB) timelines.
- Providing information that the ATO receives through the service to the FIRB approval process to reduce time and costs associated with disclosure requirements.
The ATO intends to implement the service from 1 July 2021.
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