Australia

Details

  • Service: Tax, Corporate Tax
  • Type: Regulatory update
  • Date: 5/12/2013

Tax Insights

KPMG's analysis of tax issues and developments.

Alison Young

Alison Young
Director, Tax

+61 2 9335 7193

agyoung@kpmg.com.au

Is your year end fast approaching? 

by Alison Young, Corporate Tax Specialist

For many, the festive season signals an approaching tax year end for companies with substituted accounting periods and half year tax calculations for Australian listed groups. This raises the need to:
  • 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.

 

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Corporate Tax

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