ATO to launch new service to attract foreign businesses

Treasury on 29 June 2021 issued a media release stating that the ATO will launch its New Investment Engagement Service (NIES) on 1 July 2021. The purpose of the NIES is to provide foreign business investors making new investments into Australia in the vicinity of $250 million or more, with objective information, promote confidence and assist in understanding potential tax risks arising from their proposed investment structures prior to the execution.

The NIES will offer foreign business investors opportunities for “tailored engagement services” with ATO specialists. The NIES will also be providing “customised guidance” and improve the process for foreign businesses looking to invest in Australia.