The Australian government, on July 14, published the terms of reference for a Board of Taxation consultation on implementing anti-hybrid rules developed by the OECD under the base erosion profit shifting (BEPS) project.
The Board was asked to consider issues such as how write anti-hybrid rules that also meet the objective of eliminating double taxation, and how to coordinate any new rules with existing tax treaties and laws, such as the debt-equity rules and regulated capital requirements for banks.
The government asked for delivery of a report by March 2016 to allow the issue to be considered as part of the 2016 Budget.
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