American Australian Association

American Australian Association awards five Fellowships to leading American graduate scholars for advanced research at top Australian universities.

noemail@americanaustralian.org — Tue, 20 May 2008 19:00:00 GMT

Media Release New York, N.Y. – Wednesday, March 4th, 2008 American Australian Association awards five Fellowships to leading American graduate scholars for advanced research at top Australian universities. These fellowships continue the association’s support of intellectual collaboration and discourse between Australia and the United States. Malcolm Binks, the Associations Chairman commented on the latest fellowships, This year saw increased applications from a well credentialed pool of academics, conducting research in cutting edge fields including marine biology, conservation and stem cell research. The Association sees knowledge and skill transference as an important part of continuing and strengthening US-Australian relations and we are pleased to offer such opportunities. The United States Study Centre, to open March this year at the University of Sydney will further enhance the educational opportunities for both Australian and American students and researchers. The...

2008-09 Budget Delivers Competitive Tax Edge for Managed Funds

noemail@americanaustralian.org — Wed, 14 May 2008 18:00:00 GMT

Treasurer Wayne Swan has announced in the 2008-09 Budget the Australian government’s commitment to improving the international competitiveness of the Australian managed funds industry by reducing the level of withholding tax to distributions of Australian source net income (other than dividends, interests and royalties) for foreign residents.

Under the new announcement, withholding tax for foreign residents will be reduced from a non-final rate of 30 per cent to a final withholding tax rate of:
- 22.5 per cent of fund payments for the first income year;
- 15 per cent final withholding tax for fund payments for the second income year; and
- 7.5 per cent final withholding tax for the third and later income years.

It will cover distributions made directly from MITs to foreign residents as well as distributions made through other intermediaries (including custodians).

As a means of protecting the Australian taxation system and minimizing international tax evasion and avoidance, the above rates will only apply to foreign investors residing in countries with which Australia has effective exchange of information (EOI) agreements on tax matters.

The list of jurisdictions with which Australia has effective EOI will be specified in regulations.
Foreign investors in countries without such agreements will be subject to a 30 per cent final withholding tax with effect for funds payments from the first income year.

These measures will become effective from the first income year after Royal Assent of the enabling legislation, intended for the 2008-09 income year.

Distributions of dividends, interest and royalties will continue to be covered by existing final withholding tax arrangements.

Treasurer Wayne Swan to deliver first Commonwealth Budget

noemail@americanaustralian.org — Wed, 07 May 2008 17:00:00 GMT

Australian Treasurer Wayne Swan, will deliver the 2008-09 Commonwealth Budget in Parliament on Tuesday, 13 May 2008, at 7:30pm AEST. Labor’s much anticipated first Commonwealth Budget is slated to retain an $18 billion budget surplus, cut government spending across the board with the exception of Defence and deliver promised tax relief to working families. For more information all Budget documents will be available online on the central budget website at www.budget.gov.au from 7.30 pm AEST on budget night, Tuesday, 13 May 2008. Budget documents will also be available from the Department of Finance and Deregulation, Australian Parliament House, Australian Taxation Office and Australian Government websites.

REVIEW OF EXPORT POLICIES AND PROGRAMS: CALL FOR SUBMISSIONS

noemail@americanaustralian.org — Fri, 25 Apr 2008 19:00:00 GMT

Review of Export Policies and Programs: Call for submissions The Australian Minister for Trade, Mr. Crean, announced initiation of this comprehensive review on 21 February. It is being chaired by David Mortimer AO, with the assistance of Dr. John Edwards. The Minister has asked for the Review report by 31 August 2008. The Review of Export Policies and Programs is focusing on four broad areas: - identifying/analysing reasons for the recent deterioration in Australia’s export performance; - the relationship between domestic policy settings and productivity-enhancing policies, including the role of infrastructure, skills and innovation; - trade negotiations priorities and efforts to improve access to markets, including free trade agreements; and - trade development, export and investment promotion, including recommendations about the continuation of the Export Market Development Grants scheme pursuant to section 106A of the EMDG Act 1997. A reference group of experts...