Archive for category: NEWS

Media Release from
Senator the Hon. Mathias Cormann
Minister for Finance

The Turnbull Government is pleased to announce that instruments of ratification were exchanged between Australia and Germany on Wednesday 7 December 2016, bringing the new Australia-Germany tax treaty into force.

The treaty, which was signed on 12 November 2015, replaces the existing Australia-Germany tax treaty which was signed in 1972.

It modernises the arrangements between Australia and Germany in line with changes to commercial practices, domestic tax systems and recent treaty policies and practices in both countries.

Importantly, the new treaty aligns with recent OECD tax treaty developments, including new provisions recommended by the OECD/G20 that are intended to minimise tax avoidance opportunities and create a more certain business environment for taxpayers.

It will also enhance the exchange of information and assistance in the collection of outstanding tax debts between our tax officials, with these provisions of the new treaty now in effect. This is consistent with both Governments’ support for ongoing OECD and G20 initiatives aimed at improving tax transparency and tax system integrity.

This new treaty is a significant step for Australia, and will further reduce tax barriers to investment and the cost to Australian business of foreign capital and of accessing foreign technology.

Some of the treaty’s new rules will enter into effect as soon as 1 January 2017, including those relating to withholding tax rates on non-resident income; and with respect to certain pensions first paid from 1 January 2017.

The finalisation of the new tax treaty with Germany was a centrepiece recommendation of the Australia‑Germany Advisory Group, co-chaired by Senator the Hon Mathias Cormann.

A copy of the new treaty is available on the Treasury website.

GABC corporate member Sonic Healthcare has announced two acquisitions in Germany, further expanding in the country´s clinical lab market and also continuing a focus on innovative technology.

Through the acquisition of Munich-based Staber Laboratory Group, Sonic gains around 1,000 new staff in 17 laboratory sites across the country. Founded in 1982, the Staber Group operates three well-established hub laboratories in Munich, Dresden and Kassel as well as regional, specialty and hospital labs.

In a separate move, Sonic increased its stake in GLP systems, an innovative technology company headquartered in Hamburg, to 80%. With ongoing support from Sonic Healthcare laboratories, GLP systems has developed a cutting-edge laboratory automation technology which has now reached the stage of international commercialization. This technology includes a modular track system with a revolutionary single-tube transport system on intelligent “cars” which dynamically transport patient specimen to and from diagnostic instruments, storage modules and work areas.

Sonic Healthcare laboratories in Hamburg, Berlin and Sydney acted as co-development and beta-sites for the evaluation of this technology which has meanwhile been installed in several external customer labs as well, including in the UK, Switzerland, the Netherlands and Denmark.

Sonic Healthcare is the leading clinical laboratory group in Germany and employs over 5,500 staff in 40 laboratory sites. It offers referring physicians, hospitals and other customers the full spectrum of clinical diagnostics services ranging from routine blood testing to a complex and innovative genetics portfolio.