Australian Update for China (July 2010)

Date: Jul 2010

In this edition of our Australian Update for China we discuss how FIRB has updated its approach to foreign investment in Australia; provide an update on the Australian Government’s recent changes to the previously proposed Resource Super Profits Tax; discuss the Queensland Government’s new laws relating to the management of coal seam gas water; and look at the Australian Treasury Department’s proposed sovereign tax immunity reform.

Contact
张贞熙 Jesse T H Chang
执行合伙人 (权亚) Managing Partner, TransAsia Lawyers Tel +86 10 6505 8188 Fax +86 10 6505 8189 jthchang@TransAsiaLawyers.com
约翰·寇迪斯 John Curtis
国际事务执行合伙人 (辉皓) Managing Partner International, Freehills Tel +61 3 9288 1436 Fax +61 3 9288 1567 john.curtis@hsf.com
In this issue

New financial year brings new FIRB policy

FIRB has updated its main policy document which details its approach to foreign investment in Australia. The policy is a substantial rewrite, with the primary changes clarifying certain matters of importance to the mining and resources industry, including the treatment of investment proposals by foreign government investors and acquisitions of mining tenements.

Read more»

Resources Tax developments

Earlier this month the Australian Government proposed to introduce a Mineral Resource Rent Tax (MRRT), with a design that is significantly different compared to the previously announced Resource Super Profits Tax (RSPT). The MRRT will only apply to Australian iron ore and coal projects. A number of aspects of the MRRT are less onerous than the RSPT, and there are also greater concessional arrangements for pre-existing projects.

Freehills’ tax alliance firm, Greenwoods & Freehills, has prepared the following materials in Mandarin to provide you with an update:

Freehills has also prepared an article in English to explain the changes.

Read more »

New CSG water laws

Many coal seam gas (CSG) projects have found it difficult to find viable uses for coal seam gas water (otherwise known as ‘associated water’) given the treatment technology and costs required to convert it to a quality which is suitable for commercial purposes. Against this backdrop, the Queensland Government has passed new laws in relation to the management of associated water.

Read more»

Sovereign tax immunity reform

The Australian Treasury Department released a second discussion paper in relation to the proposed sovereign tax immunity reform. In the discussion paper, the Treasury sets out key policy design aspects in relation to the immunity. Our tax alliance firm, Greenwoods & Freehills, has prepared a Mandarin summary for Chinese investors.

Please contact contactus@chinagoabroad.com for more info.

Disclaimer
The information on this page may have been provided by a contributor to ChinaGoAbroad, and ChinaGoAbroad makes no guarantees about the accuracy of any content. All content shall be used for informational purposes only. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting such content (including texts, pictures, photos and diagrams) to ChinaGoAbroad for publication. ChinaGoAbroad disclaims all liability arising from the publication of any content/information (such as texts, pictures, photos and diagrams that infringe on any copyright) received from contributors. Links may direct to third party sites out of the control of ChinaGoAbroad, and such links shall not be considered an endorsement by ChinaGoAbroad of any information contained on such third party sites. Please refer to our Disclaimer for more details.
Top