Australia

Details

  • Service: Tax, Corporate Tax, Superannuation & Pension Funds, Topics, Tax Reform, Federal Budget
  • Industry: Financial Services, Banking, Investment Management, Insurance, Superannuation
  • Type: Business and industry issue
  • Date: 9/05/2012

Federal Budget 2012 and the financial services industry 

Our 2012 Federal Budget Brief provides a review of the major implications arising from the Federal Budget 2012-13 in the financial services industry.
Federal Budget 2012 and the Financial Services industry - Cover
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Key insights

  • A key measure for the Financial Services sector was the doubling of managed investment trust (MIT) withholding tax from 7.5 percent to 15 percent.
  • Fifty percent discount on interest income has been abandoned.
  • The increase of tax on concessional contributions from 15 percent to 30 percent will affect those with incomes in excess of $300,000.

 

For further information please speak with your KPMG adviser or one of the KPMG professionals listed on our Brief.

 

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