Offshore Banking Unit changes necessitate financial services tax reforms

Taxpayers currently participating in the OBU regime should prepare for the changes; Natalie Raju and John Fulton outline some considerations.

Proposed amendments to Australia’s Offshore Banking Unit (OBU) regime introduced into Federal Parliament on 17 March 2021 highlight the crucial need for tax reforms for the Australian financial services industry to ensure Australia remains globally competitive and an attractive market for financial services. The amendments which form part of the Treasury Laws Amendment (2021 Measures No. 2) Bill 2021 propose to: remove the 10 percent preferential tax rate for OBUs from the 2023-24 year of...

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Authors: Natalie Raju, John Fulton

Published Date: 18 March 2021