Government delays tightening offshore banking industry

MOVES to tighten regulation of the offshore banking industry, a key method of the rich to lower their taxes, have been postponed with no due date set by the Coalition Government.

The changes were first outlined by the previous Labor government in May this year, and were meant to come into effect from Tuesday.

Key reforms included removing a 10% tax rate for offshore banking from "related parties" to such investments and tightening the net on offshore banking practices.

But Assistant Treasurer Arthur Sinodinos, on Monday, said the new government would not go ahead with the October 1 start date.

He said the reforms needed to be delayed to give business more certainty that they could comply with the offshore banking-related tax laws.

But he did not set any date for the reforms to take effect, putting the future of the changes in doubt.

"We will ensure that an announcement on the content of the measure is made in a timely way, including a potential commencement date, so that business can make any necessary adjustments," he said.

"The Government will take the time necessary to properly consider all the issues, including the views of business."

Topics:  coalition federal election 2013 taxation

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Snitz sizzles to win qualifier with ease

IN FULL FLIGHT: Brisbane jockey Robbie Fradd streaks clear to win the $150,000 NRRA Country Championships qualifier on board Snitz, trained by Matt Dunn, at Clarence River Jockey Club.

SHORT priced favourite sends everybody home happy.

Ballina Players brings popular military drama to the stage

ON STAGE: John Rado as Colonel Nathan Jessep and Dylan Wheeler as Lt Daniel Kaffee in the Ballina Players production of A Few Good Men.

Tickets are on sale for their new production of A Few Good Men

Triumph of dreams ... it all started with one bike

A CLASSIC: Meerschaum Vale's Col McAndrew with his Triumph 1956 Speed Twin which he will show at the Northern Rivers Classic Motorcycle Club's Show and Shine at Alstonville Plaza on March 18.

Col has six classic bikes; 100 expected at show

Local Partners