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Australia has entered a Tax Information Exchange Agreement (TIEA) with the British Virgin Islands

Tuesday, January 27th, 2009 | Taxation News | admin

Australia has entered a Tax Information Exchange Agreement (TIEA) with the British Virgin Islands allowing the exchange of previously confidential information to permit each country to leverage its taxes against its taxable residents.
To help small businesses weather the global financial crisis, the Government recently announced a 20% reduction to the quarterly pay as you go (PAYG) instalment due for the December 2008 quarter.
The ATO has announced that acquisitions of any plant and equipment exceeding $10,000 in cost will be available to be depreciated at increased rates (10% increase for acquisitions before 30 June 2009).
The ATO has announced that with the falling fuel prices, the diesel fuel rebate is to be reduced effective for fuel acquired by Heavy Vehciles using Public Roads from 1 January, 2009 – the rate reduces from 18.51 to 17.143 cents a litre.