Australia

Details

  • Service: Topics, Federal Budget
  • Industry: Energy & Natural Resources
  • Type: Business and industry issue
  • Date: 12/06/2013

Energy & Natural Resources

KPMG's Energy & Natural Resources team provides services to all key sectors: mining, oil and gas, power and utilities, renewables, forestry and water.

2013 Federal Budget and the Energy & Natural Resources sector 

The 2013-14 Federal Budget contained announcements that will have a direct impact on the Energy & Natural Resources (ENR) sector. How these announcements impact an ENR business will depend on how and where the business operates.

KPMG provides an analysis of the implications of the 2013 Federal Budget for the Energy and Natural Resources sector.

 

Key insights

  • The immediate deduction for the cost of a depreciating asset first used for exploration or prospecting will now exclude the cost of mining, quarrying or prospecting rights or information.
  • ENR businesses should be reviewing exploration deductions claimed and maintaining detailed supporting documentation in preparation for any ATO audit, review or dispute.
  • The government has confirmed its intention to deny the research and development (R&D) incentive to company groups with aggregated turnover of  $20 billion or more.
 

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Federal Budget contacts

If you would like to discuss the 2014 Federal Budget, please contact your KPMG adviser or one of our KPMG professionals.

Federal Budget 2014

Federal Budget 2014
KPMG's review of the major implications arising from the 2014 Federal Budget.