As part of the Morrison Government’s plan to help attract global talent and to encourage global businesses to invest in and relocate to Australia, the Australian Taxation Office will launch its New Investment Engagement Service (NIES) on 1 July 2021.
Designed to encourage and support new business investments into Australia, the NIES will offer investors opportunities for tailored engagement services with ATO specialists prior to the execution of significant commercial transactions.
The NIES will further support business by providing customised guidance and improve the process for foreign businesses looking to invest in Australia.
The service will provide investors with objective information, promote confidence and assist in understanding potential tax risks arising from their proposed investment structures prior to the execution.
As part of the service, the ATO will also work with investors to endeavour to meet deadlines associated with a transaction or investment.
It means investors will be able to make objective, informed, and confident decisions about the tax implications of their investment.
The NIES will be made available to all foreign businesses that come through the Global Business and Talent Attraction Taskforce and other Australian and foreign businesses making new investments into Australia in the vicinity of $250 million or more.
The NIES complements the work of the Global Business and Talent Attraction Taskforce which is working to identify international businesses that can be lured to Australia to help secure Australia future.