FIRB provides guidance on revised tax conditions

The Foreign Investment Review Board has provided much needed clarity on the new tax conditions for foreign investment proposals.

The Foreign Investment Review Board (FIRB) has released a much awaited Guidance Note on the revised tax conditions that were introduced in May this year. The guidance emphasises that the tax conditions will only apply to proposals that present a risk to tax revenues. The Guidance Note is informed by an underlying policy tension: ensuring the integrity and appropriateness of the Australian tax system while simultaneously maintaining and enhancing the attractiveness of Australia as a source of foreign direct investment.

What does the Guidance Note say?