Australia: Legislation proposing changes to interest limitation rules introduced in Parliament
The rules are broadly consistent with the exposure draft legislation
The rules are broadly consistent with the exposure draft legislation
Legislation proposing changes to the interest limitation/thin capitalisation rules was introduced in Parliament.
The rules are broadly consistent with the exposure draft legislation (read TaxNewsFlash), although there have been some important changes.
The rules are proposed to apply for income years beginning on or after 1 July 2023.
The legislation has been referred to the Senate Economics Legislation Committee, which is due to report back on 31 August 2023.
The consultation period for the legislation closes 21 July 2023.
Read a July 2023 report [PDF 245 KB] prepared by the KPMG member firm in Australia
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.