Australia

Details

  • Service: Tax
  • Industry: Agribusiness, Food, Drink & Consumer Products, Retail
  • Type: Business and industry issue
  • Date: 2/04/2012

Taxpoints

A tax brief highlighting current taxation issues for consumer markets businesses.

Taxpoints: Issue 6 

Discussions have been rife around topics including the uncertainty surrounding the tax implications arising from the Corporations Law dividend distribution amendments, proposals regarding transfer pricing and tax losses reform, and the amendments to the LAFHA provisions. These topics, along with an update on the ATO’s compliance activities and new income tax return schedules, are discussed in this issue.
Taxpoints: Issue 6 cover
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Some key insights

  • Whilst the 2010 revisions to the Corporations Act were intended to simplify dividend distribution requirements, the amendments themselves and their interaction with tax law have created a very uncertain environment for companies and their shareholders.
  • Following the ATO's loss of a landmark transfer pricing court case, the Government has released a consultation paper proposing a number of key changes to Australia's transfer pricing laws.
  • With approximately $170b of tax losses being carried-forward in the Australian economy, an overhaul of Australia’s tax loss regime is likely to interest many taxpayers. A lot of ideas circulate the academic arena but will the economic reality stifle reform?
 

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