Australia

Latest Edition - Monday 25 August 2014  

(1) AASB Exposure Draft on deferred tax assets
(2) Committee report on Australian healthcare costs
(3) PBO report released on Government spending and projections
(4) Committee inquiry into Social Services Bills - transcript released
(5) Committee inquiry into GP Services Bills - transcript released

(6) ATO Rulings issuing 27 August 2014
(7) ATO issues PAYG instalment exit letters
(8) ATO website update

(9) RBA research discussion paper on the mining boom
(10) ABS study on migrant settlement records and person income
(11) ACTU releases Economic Bulletin - June 2014
(12) For the International Tax Director

 

(1) AASB Exposure Draft on deferred tax assets

The Australian Accounting Standards Board (AASB) has issued Exposure Draft (ED) 253 Recognition of Deferred Tax Assets for Unrealised Losses.


(2) Committee report on Australian healthcare costs

The Senate Standing Committees on Community Affairs has tabled a report entitled Out-of-pocket costs in Australian healthcare in Parliament

 

(3) PBO report released on Government spending and projections

The Parliamentary Budget Office (PBO) has released a report on the projections of Government spending. The report discusses the outlook for and drivers of Australian Government spending over the medium term – the period 2012-13 to 2024-25.

 

(4) Committee inquiry into Social Services Bills - transcript released

The Senate Community Affairs Legislation Committee has released the transcript regarding its inquiry into the provisions of Social Services and Other Legislation Amendment (2014 Budget Measures No. 1) Bill 2014 and the Social Services and Other Legislation Amendment (2014 Budget Measures No. 2) Bill 2014 held on 21 August 2014 in Sydney.

 

(5) Committee inquiry into GP Services Bills - transcript released

The Senate Community Affairs Legislation Committee has released the transcript regarding its into primary care provider arrangements or agreements that provide preferential treatment to private health insurers as outlined in Private Health Insurance Amendment (GP Services) Bill 2014 held on 20 August 2014 in Sydney.

 

(6) ATO Rulings issuing 27 August 2014

The Australian Taxation Office (ATO) intends to issue a number of Rulings at 2pm on 27 August 2014. The list is subject to change. 

 

(7) ATO issues PAYG instalment exit letters

The Australian Taxation Office (ATO) has issued a letter addressed to all taxpayers who have been exited from the pay-as-you-go instalment system following the changes in relation to the changes to the PAYD instalment entry and exit thresholds.

 

 

(8) ATO website update

  • Capital allowances: effective life review of assets used in the rigid and semi-rigid polymer product manufacturing industry - review to begin
  • Reduced superannuation concessions for high income earners

 

(9) RBA research discussion paper on the mining boom

The Reserve Bank of Australia (RBA) released a research discussion paper on the effect of the mining boom on the Australian economy.

 


(10) ABS study on migrant settlement records and person income

On 22 August 2014, the Australian Bureau of Statistics (ABS) released a research paper entitled, Feasibility Study of Linking Migrant Settlement Records to Personal Income Tax Data.

 

 

(11) ACTU releases Economic Bulletin - June 2014

On 24 August 2014, the Australian Council of Trade Unions (ACTU) released its June 2014 edition of Economic Bulletin. The ACTU note that the figures reveal that Australia redistributes less income than the majority of Organisation for Economic Cooperation and Development (OECD) member countries, which results in a relatively high level of inequality. 

 

(12) For the International Tax Director

For an Australian Tax Director interested in a brief overview of the latest tax developments internationally, a selection of recent KPMG publications available via various KPMG websites is listed below.

Asia Pacific 
 

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