Costa Rica and the Special Administrative region of Macao, People’s Republic of China, have become the latest jurisdictions to sign agreements with Australia to assist the Government in preventing offshore tax avoidance and evasion.

The agreements provide a legal basis for Australia to exchange taxpayer information with each of the jurisdictions.  The signing of the agreements demonstrates the commitment of these two jurisdictions to international tax standards. The Government is continuing with its policies to target cross-border tax evasion as evidenced by the securing of these Information Exchange Agreements.

Australia’s tax laws are far reaching and Australian tax residents are generally taxed on their world-wide income.  We recommend that people who are uncertain or unaware of their obligations with regards to their overseas interests contact Murray Howlett of our Taxation Services Division on (07) 3023 1300 to ensure their affairs are in order and are structured effectively.