- consider tax implications of major transactions throughout the year, or any still on the 'to-do list' for the year that need to be closed out
- attend to the usual shopping list of timing items (such as definitively committing to bonuses, paying out superannuation accruals and the like).
This year, there is added complexity in considering the Government’s position on the backlog of announced but unlegislated tax measures, particularly the 64 measures that have been the subject of recent consultation.
Whilst we are hopeful that further clarity on these measures will be included in the Mid-Year Economic and Fiscal Outlook (expected mid December 2013), any measures that are to proceed are unlikely to be substantively enacted by 31 December 2013.
Hence, taxpayers will need to continue considering the tax effect accounting impact of these measures (or lack thereof) on year end or half year calculations, as well as uncertain tax positions.