Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 10/31/2013

Australia - Tax reform initiatives, financial arrangements taxation 

October 31:  The KPMG member firm in Australia prepared reports on the following developments (read the October 2013 reports by clicking on the hyperlinks provided below):
  • Foreign investors monitoring tax reforms initiatives - Foreign investors are closely monitoring Australia’s coalition government’s tax announcements as a test of the new government’s ability to convert policy into workable law. Some view the government’s announcement to repeal of the carbon tax and minerals resource rent tax (MRRT) as symbolic. Another announcement is the government’s intention to reduce the top corporate tax rate from 30% to 28.5%, effective from 1 July 2015.

    Read an October 2013 report


  • Three “taxation of financial arrangement” issues on ATO’s radar - Three taxation of financial arrangement issues currently the focus of the Australia Taxation Office (ATO) are: (1) pending repairs and maintenance legislation; (2) verifying that financial reports comply with accounting principles; and (3) reporting taxation of financial arrangement gains and losses.

    Read an October 2013 report



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