Global

Details

  • Service: Tax, Global Indirect Tax, International Tax
  • Type: Regulatory update
  • Date: 6/2/2014

Australia - Tax disclosures, fuel excise tax, MRRT repeal 

June 2:  The KPMG member firm in Australia prepared reports on the following developments (read the May and June 2014 reports by clicking on the hyperlinks provided below):
  • Streamlined tax disclosures - The statutory reporting season is a highly stressful environment for finance teams, and for the tax department, the inevitable squeeze that is placed on the reporting timetable results in sleepless nights, time-consuming reconciliations and relentless email and phone call follow-ups.

    Read a June 2014 report.


  • Indexation of fuel excise tax rate - What will be the real impact of budget announcements to re-introduce indexation of fuel excise tax? If passed, these measures would mean that the fuel excise tax rate will be subject to potential increases on 1 August and 1 February every year.

    Read a May 2014 report.


  • Grant funding as part of your investment strategy - In an environment where grant funding is being aligned towards building capability and boosting innovation and productivity, companies need to consider opportunities for grant funding applications as part of their investment strategies.

    Read a May 2014 report.


  • Farewell to the MRRT - Observers will watch for how formal repeal of the Minerals Resource Rent Tax (MRRT) plays out in the newly configured Senate from 1 July 2014. No MRRT receipts are budgeted from 2014-15 onwards on the basis of the government’s announcement that the MRRT will be repealed from 1 July 2014.

    Read a May 2014 report.



©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now