Australia has announced a range of measures in response to the COVID-19 crisis that broadly are consistent with the global response, including economic stimulus and cash flow support measures.
However, measures specifically related to international tax and transactions include:
- administrative guidance around residency and permanent establishment (PE) issues arising due to travel restrictions;
- changes in the Foreign Investment Review Board (FIRB) framework for assessing transactions; and
- stimulus measures that could affect cross-border transactions, including accelerated depreciation and instant asset write-offs.
