Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 10/22/2013

Australia - Petroleum taxation; equipment leases; tax administration, trading trusts 

October 22: The KPMG member firm in Australia prepared reports on the following developments (read the October 2013 reports by clicking on the hyperlinks provided below):
  • Onshore PRRT obligations - For petroleum resource rent tax (PRRT) taxpayers with interests in onshore petroleum projects, various compliance, reporting, and accounting obligations arise with respect to the year ended 30 June 2013.

    Read an October 2013 report


  • Leasing equipment from overseas entities - It is common for Australian-based enterprises to look overseas to lease equipment for use in their businesses. While the leasing contract may appear straightforward from a commercial viewpoint, the tax implications can be anything but.

    Read an October 2013 report


  • ATO defective administration - An issue that arises is whether the Australian Taxation Office (ATO) is acting appropriately within its powers and guidelines or whether there has been a “stepping over the line” into defective administration.

    Read an October 2013 report


  • Limiting the scope of Division 6C - In a recent decision (B.E.R.T. Pty Ltd v FCT [2013] AATA 584), the Administrative Appeals Tribunal held that a publicly held trust—i.e., a trading trust—was not a Div 6C trust.

    Read an October 2013 report



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