Details

Service: Tax, Corporate Tax, Superannuation & Pension Funds, Special Interests, Tax Reform, Topics, 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.

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Federal Budget 2012 and the Financial Services industry

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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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Federal Budget 2013

KPMG's review of the major implications arising from the 2013 Federal Budget.

Financial Services

Our Financial Services practice can help financial institutions make better decisions about performance, growth, governance and prudential matters.

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