Australia

Details

  • Service: Topics, Federal Budget
  • Industry: Financial Services
  • Type: Business and industry issue
  • Date: 15/05/2013

Federal Budget 2014

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

2013 Federal Budget and the financial services industry 

The 2013-14 Budget has provided some significant reforms to impact the financial services industry. There were a number of expected inclusions and unexpected surprises including changes to thin capitalisation and superannuation.

This brief provides a review of the major implications for the financial services industry arising from the 2013 Federal Budget.

 

Key insights

  • Section 25-90 of the Income Tax Assessment Act 1997 (ITAA97) will be abolished as of 1 July 2014.
  • Monthly instalments commence from 1 January 2016 for non-corporate taxpayers with a turnover greater than $1 billion.
  • The government has proposed a number of changes to the Offshore Banking Unit (OBU) which will significantly restrict the ability of OBUs to carry on business as usual.

 

2013 Federal Budget Brief

KPMG's key insights and analysis on the 2013 Federal Budget major implications for Australian business.
 

Share this

Share this

Federal Budget contacts

If you would like to discuss the Federal Budget, our KPMG Partners are available for comment.

Financial Services

Our Financial Services practice can help financial institutions make better decisions about performance, growth, governance and prudential matters.