Ensure that you understand the impacts and mechanisms of the new Register of Foreign Ownership of Australian Assets as well as the ATO’s new online services for foreign investors and authorised contacts, review details of the Foreign Resident Capital Gains Withholding measure, including clearance certificates, variations and exemptions.
Description
Attend and earn 2 CPD hours in Technical Competence
This program is applicable to practitioners from all States & Territories
9.00am to 10.00am Major Reforms to Foreign Investment Framework
- Recap on current foreign investment law and policy
- The new Register of Foreign Ownership of Australian Assets (Part 7A of the Foreign Acquisitions and Takeovers Act 1975);
- What new Australian assets will be caught
- Commencement date
- How and when to register an asset
- Updating information held on the register
- Penalties for failing to register the asset
- An overview of the ATO’s new Online services for foreign investors and authorised contacts commencing 26 June 2023
Presented by Libby Haydon, Director – Stakeholders and Reporting, Foreign Investment Programs, PG&I, Australian Taxation Office and Chris Frith, Law & Policy Manager, Australian Taxation Office
10.00am to 11.00am Foreign Resident Capital Gains Withholding
- Summary of Foreign Resident Capital Gains Withholding measure
- Clearance certificates
- Variation requests
- Exemptions
Presented by Melinda Tainsh, Director –Australian Taxation Office
Presenters
Ms. Libby Haydon, Director – Stakeholders and Reporting, Australian Taxation Office
Libby Haydon is the director of Reporting and Stakeholder Engagement with the Foreign Investment Programs division of the Australia Taxation Office. This role is involved the regulation of foreign investment into residential real estate under the Foreign Acquisitions and Takeovers Act (FATA) and keeping several registers of foreign ownership of land and water entitlements. The ATO operate under a coregulation partnership model with the Treasury and part of Libby’s role is managing this important relationship. Libby has worked for the ATO for over 24 years, joining the graduate program way, way back in 1999. For the first 15 years, Libby worked in income tax and GST compliance roles predominantly focused on high wealth taxpayers with foreign source income with the last 8 being focused on the regulation of foreign investment in Australia.
Mr. Chris Frith, Law & Policy Manager, Australian Taxation Office
Chris Frith has extensive experience in law and policy within the ATO and is currently the manager of the Law and Policy team in the Foreign Investment Program of the ATO. The law and policy team are responsible for the provision of legal advice in respect the elements of the foreign investment law and policy administered by the ATO, including the new Register of Foreign Owned Australian Assets.
Ms. Melinda Tainsh, Director, Australian Taxation Office
Mel Tainsh is an assistant director in Risk and Strategy Individuals within Superannuation and Employer Obligations at the Australian Taxation Office. This is a product ownership role that (among other things) includes Foreign Resident Capital Gains Withholding, involving management and support for the issuing of clearance certificates, variations and the payments process. Mel has worked in the ATO for 20 years with experience in Small Business, Single Touch Payroll and Modernising the Business Registers program however most of her experience before coming to this role was in law advocacy and advice for Superannuation.
This seminar is part of a series
Advising Small Business Series
Thursday, 13 April 2023
Ensure that you are up-to-date with recent changes affecting your small business clients. This series will provide you with a timely update on changes to FBT and the current focus areas for the ATO. WEB234A01Z
Description
Teachers attending the entire series earn 6 Professional Development Hours (NSW, VIC) / CPD Points (QLD, WA, SA)
Lawyers attending the entire series earn 6 CPD units in Substantive Law
This program is applicable to practitioners from all States & Territories
If you register for the full series as a live online product after the date of an individual session, you will be sent the recording for the sessions that have passed. Alternatively, you can register for individual sessions by following the links below.
View series listing
