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(1) Government announces proposed introduction of loss carry back regime
(2) Prime Minister to host Economic Forum on 12-13 June 2012
(3) Government announces Schoolkids Bonus replaces Education Tax Refund
(4) Government announces new flood victims exempt from flood levy
(5) Treasurer's Economic Note
(6) For the International Tax Director
(7) Newspaper articles
On 8 May 2012, the Treasurer, Wayne Swan, made Income Tax - Temporary Flood and Cyclone Reconstruction Levy Exemptions Amendment Determination 2012 (No. 1) under subsection 4-10 (2) of the Income Tax (Transitional Provisions) Act 1997.
On 10 May 2012, the Governor-General, Quentin Bryce, made Australian Securities and Investments Commission Amendment Regulation 2012 (No. 1) under the Australian Securities and Investments Commission Act 2001.
On 10 May 2012, the Governor-General, Quentin Bryce, made A New Tax System (Australian Business Number) Amendment Regulation 2012 (No. 1) under the A New Tax System (Australian Business Number) Act 1999.
On 10 May 2012, the Governor-General, Quentin Bryce, made Customs Amendment Regulation 2012 (No.2) under the Customs Act 1901.
On 10 May 2012, the Governor-General, Quentin Bryce, made Customs Amendment Regulation 2012 (No.3) under the Customs Act 1901.
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.
TaxNewsFlashes Africa
- Kenya - Tax authority attempts to collect unpaid taxes through 'tax mortgage'
Available via http://www.kpmg.com/TaxNewsFlash.
TaxNewsFlashes Asia/Pacific
- China - Clarifying corporate income tax incentives for western regions
- China - Royalty surcharge extended to onshore / offshore Sino-foreign oil and gas projects
- China - Effects of value added tax (VAT) reform for transportation and logistics sector
- Hong Kong - New income tax treaty with Malaysia
- India - Tax issues concerning seconded employee's salary, slump sales, sale of land held as stock-in-trade, finance charges on supplies of raw materials
- New Zealand - New income tax treaty with Canada
- China - Guidance expected to clarify taxation of offshore indirect disposals
- India - Tax cases concerning construction fees, services under tax treaty with France, selecting alternative tax rates under tax law or tax treaty
Available via http://www.kpmg.com/TaxNewsFlash.
TaxNewsFlashes Americas
- Canada - goods and services tax (GST) / harmonised sales tax (HST) risks and opportunities for holding companies
- Uruguay - Tax information exchange agreement with Argentina
- Uruguay - Reminder to business taxpayers of 'patrimony tax' obligations
- Chile - Customs duties on imports to be phased out by 2015
- Canada - Tax burden eased for tax-exempt sector
- Canada - Update on status of tax measures in 2012 budget
Available via http://www.kpmg.com/TaxNewsFlash. |
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TaxNewsFlashes Europe
- Hungary - Proposal for new taxes on financial transactions, telecommunication services, and insurance premiums
- Luxembourg - Protocol signed with Canada for exchange of tax information
- The Netherlands - Intermediary services exempt from value added tax (VAT)
- France - Different tax treatment of dividends received by resident and non-resident undertakings on collective investments in transferable securities precluded under European Union (EU) law
- Ukraine - New customs law is effective beginning June 2012
- Switzerland - Taxation of cloud computing
- European Commission - Analysis of proposed financial transaction tax
- Finland - Proposal to limit intra-group interest expense deductions
- United Kingdom - Employers' end-of-year return is due May 19; VAT update
- The Netherlands - VAT rate of 21 percent is effective October 2012
- Switzerland - VAT guidance for finance industry
- Germany - Add-back for trade tax purposes
- Spain - VAT implications of ruling that pharmaceutical contribution made to national health system is a discount, not a tax
- Sweden - Consultation responses to proposal to extend interest deduction limitation rules to all intra-group debt
- European Commission - New rules for EU Member States' collection of excise duties
Available via http://www.kpmg.com/TaxNewsFlash.
Flash International Executive Alerts
- Singapore - Recent Changes to Becoming a Permanent Resident
- Switzerland – Government Approves Work Permit Restrictions on EU-8 Countries
Available on KPMG in the US website (http://www.us.kpmg.com). |
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- HIGH EARNERS FACE CASH CUTS, AFR, 12-13 May 2012, p2
- ATO WISES UP TO BUYER RUSE, AFR, 12-13 May 2012, p31
- MULTINATIONALS WANT US HELP ON TAX, AFR, 14 May 2012, p49
- CONGRESS MUST NAVIGATE ROCKY SHOALS, AFR, 14 May 2012, Opinion, p59
- TAX THRESHOLDS FUEL CLASS-WAR DEBATE, AFR, 12-13 May 2012, p8
- SURPLUS TO BUFFER GLOBAL WAVES, AFR, 12-13 May 2012, p8
- THREAT TO YOUR SAVINGS, AFR, 12-13 May 2012, Smart Money, pp25-26
- NOT SO ATTRACTIVE NOW, AFR, 12-13 May 2012, Smart Money, p27
- GOLDEN HAND SAKE-UP, AFR, 12-13 May 2012, Smart Money, p27
- MEANS TESTING TO HIT HOME, 12-13 May 2012, Smart Money, p28
- HIGH-FLYERS FALL TO EARTH, 12-13 May 2012, Smart Money, p29
- SMALL BIZ WIN, 12-13 May 2012, Smart Money, p29
- MAKE SURE THE CAP FITS, 12-13 May 2012, Smart Money, p30
- THERE'S A LOT OF SPENDING ALONG WITH A SURPLUS, 12-13 May 2012, Perspective, p42
- TAX CUTS, EASIER SAID THAN DONE, 12-13 May 2012, Perspective, p43
For KPMG clientsIf you are a KPMG client and would like to subscribe to Daily Tax News or receive a copy of any of our Tax in Focus briefs, contact your KPMG adviser.
 Attitudes to tax are changing and tax decisions are under scrutiny like never before. Organisations, from middle market to multinationals, are becoming increasingly exposed to changing trends in tax regulation, not just locally but globally.
 We examine current tax reforms, including the Henry Review of Australia's tax and transfer systems, resource taxation and the October Tax Forum.
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