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Australia and Switzerland enter into tax information exchange

Switzerland and Australia have entered into an unprecedented agreement that will see the two countries automatically exchange tax information. The move is intended to prevent tax evasion through income earned and held in offshore bank accounts.

Tax avoidance has been increasingly prominent on the international agenda recently, and Switzerland is striving to shake its reputation as a haven for tax dodgers and criminal organisation. Swiss authorities have even gone so far as to criticise the James Bond film franchise for the unsavoury image it has cast on the alpine nation.

Authorities from both countries have indicated that they expect the information exchange to be in full swing by 2018. While this is the first time that Switzerland has entered into such an agreement, negotiations for similar arrangements are underway with a number of OECD countries.

Posted on 5 March '15 by , under Tax.

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Transition to retirement

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

  • Starting a TTR pension: To start your TTR pension, transfer some of your super to an account-based pension. You have to keep some money in your super account so that you can continue to receive your employer's compulsory contributions as well as any voluntary contributions you may be making.
  • Government benefits and TTR: The benefits you or your partner receive might be impacted if you choose to opt for this strategy. How and what exactly will change might become clearer upon discussing this with a Financial Information Service (FIS) officer.
  • Life insurance and TTR: In some cases, the life insurance cover you have with your super may stop or reduce if you start a TTR pension – check this before making any decisions or changes.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.

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