• 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No MRRT receipts are budgeted from 2014-15 onwards on the basis of the government’s announcement that the MRRT will be repealed from 1 July 2014.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.

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