The Tax Climate in Australasia

In the latter half of the 1980s the tax climate in Australia and New Zealand changed markedly. While throughout the world there were major tax reforms, the changes in Australasia were more fundamental, and both structural and radical. Major changes that were adopted in one or both of the two countries included: the imputation system for companies, the introduction of a fringe benefits tax, a value added tax, a capital gains tax, and the taxation of profits of controlled foreign companies