August 4, 2014
On 30 July 2013, the former government announced that Australia and Switzerland had signed a revised tax treaty. It replaced the previous treaty signed in 1980.
The revised treaty will:
- enhance the already strong economic relationship between Australia and Switzerland by aligning the bilateral tax arrangements more closely with current Australian and international tax treaty policy settings, and
- strengthen administrative assistance between Australian and Swiss revenue authorities, in particular by permitting them to exchange taxpayer information, including information held by banks and other financial institutions, in order to address tax evasion.
This reflects the commitment of both governments to a fair tax system and is consistent with ongoing international efforts, including within the G20, to improve tax system integrity globally.
The treaty entered into force on 14 October 2014.
Legislation and supporting material
The treaty was signed on 30 July 2013:
The legislation enforcing the revised tax treaty received royal assent on 24 September 2014:
- International Tax Agreements Amendment Act 2014 (No. 105 of 2014)
- Explanatory memorandum
- Media release number 144/2013, issued on 30 July 2013 by the former Assistant Treasurer – announced the revised treaty was signed on 30 July 2013. The media release provides a summary of the main features of the revised treaty.
- Media release number 067/2013, issued on 12 May 2013 by the former Assistant Treasurer – announced the government’s intention to sign a treaty with Switzerland.