find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Firms witness effects of G20 tax crackdown

Firms witness effects of G20 tax crackdown


Lawyers in Australian taxation practices have seen international tax enforcement actions ramp up in the wake of October’s G20 meeting.

At the G20 in Brisbane in early October, member nations agreed to a two-year reform program to combat tax avoidance by major multinationals.

The effects of the program are already visible in tax practices in Australia, according to Allens head of tax Martin Fry.

Mr Fry told Lawyers Weekly that increased enforcement following the G20 has boosted the workload of major firms.

“I don't think there's any doubt that tax practices are both growing, and looking to grow,” Mr Fry said.

“Almost all of our clients are international clients and since the G20 Conference the whole international tax landscape has ramped up significantly.”

In particular, he pointed to increased co-operation between global regulators, a phenomenon which he said “we have never seen before”.

“You've got the US, the UK, Australia, Canada – all of these regulatory authorities are working together to oversee the business practices of multinational corporations.”

The boost in work created by the G20 coincides with a rapid amount of domestic tax reform.

“The biggest challenge we're facing at the moment is the quantity of tax reform that has been introduced just this year alone, and what we can expect by way of new law in the next 12 to 18 months,” Mr Fry said.

For tax lawyers, this means up-to-date technical knowledge is more important than ever.

“It's all about expertise,” he said. “You need people to be right at the sharp end of the law because a lot of it is under review and has been amended.”

Multinational clients are also looking for law firms which can bring an international perspective to tax issues.

“If you want to be competitive in this space, you need the ability to bring both an Australian perspective and an international perspective,” Mr Fry said.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Firms witness effects of G20 tax crackdown
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
‘Ego status’ compelled ex-lawyer to defraud $2.97M, court told
Debarred lawyer John Gordon Bradfield told an NSW District Court that he was driven by “ego status...
Australian Lawyers Alliance (ALA), Queensland’s new industrial manslaughter legislation,
ALA welcomes ‘tough’ Qld manslaughter laws
The Australian Lawyers Alliance (ALA) has welcomed Queensland’s new industrial manslaughter legisl...
Legal podcasts, tune in, microphone
Legal podcasts you have to tune in to right now
The rise of the internet has hailed in a new dawn for storytelling. Here’s our top pick of podcast...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...