Australian and New Zealand officials have recently commenced discussions concerning a review of the Australia-New Zealand tax treaty aimed at encouraging the expansion of the investment and trade relationship between the two nations.
During negotiations, the Government will explore amendments to enhance the integrity of Australia's taxation system and provide for greater cooperation between the Australian Taxation Office and the New Zealand Department of Inland Revenue.
"New Zealand is one of Australia's largest trading and investment partners. Australian companies have significant banking, media and telecommunications interests in New Zealand. New Zealand is also Australia's fifth-largest merchandise export market," Federal Assistant Treasurer, Mal Brough, said today.
"Tax treaties assist in Australia's economic growth, as they encourage cross-border investment by relieving double taxation and increasing certainty of taxation treatment."
The revision of this treaty will enhance Australia's competitive and modern tax treaty network and demonstrates the Government's commitment to ensuring treaties with key investment partner countries remain relevant to evolving business directions. Australia has recently updated its tax treaty with the United Kingdom and the United States of America.
Written submissions on issues related to updating the Australia-New Zealand
tax treaty are invited by Friday, 24 June 2005. Submissions should be emailed
to:
taxtreatiesunitconsultation@treasury.gov.au,
or addressed to:
Treaties Unit Manager
International Tax and Treaties Division
The Department of Treasury
Langton Crescent
PARKES ACT 2600
Contact: Paul McBride + 612 6263 2854
Further information on Australia's tax treaty programme and the existing Australia-New Zealand tax treaty can be found on the tax treaties homepage through the Treasury website at www.treasury.gov.au.