Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services
  • Type: Regulatory update
  • Date: 5/07/2012

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

12RU-005 Dividends - A happier ending for June 2012 

This Reporting Update discusses the implications of the recently released tax ruling TR 2012/5 Income tax: section 254T of the Corporations Act 2001 and the assessment and franking of dividends paid from 28 June 2010. The ruling clarifies some of the confusion around the ability to pay a franked dividend following the 2010 amendments to the Corporations Act.

Key points

  • Where a company has prior year accumulated losses can franked dividends be paid, in circumstances where there are current year profits?
  • Can franked dividends be paid, in circumstances where there are unrealised capital profits?
  • Requirement for all proprietary limited companies to have records applying all recognition and measurement of AASBs.
Flash Reports - Australian financial reporting updates 

Financial Reporting & Accounting Standards

KPMG has extensive experience in applying accounting standards, both Australian accounting standards and IFRS, to a range of transactions.