Support ongoing tax reform
Ernst & Young believes the Government should constantly review and reform the tax system to improve Australia's ability to compete in a global marketplace.
To this end, we have been actively lobbying for ongoing tax reform to benefit Australian businesses operating offshore and make Australia a more attractive place to invest and work. We continue to urge Government towards further tax reform by conducting our own research and analysis, participating in public debate and preparing submissions to Government and Treasury on tax reform initiatives.
Tax insights
Find out what our leading tax professionals say about business tax reform developments.
Ernst & Young submission on managed investment trusts tax reform
Whilst we welcome changes to the law regarding the taxation of managed investment trusts (MITs), the proposed 1 July 2011 start date is very ambitious. In our response to the Treasury discussion paper on this issue (pdf, 385kb), we also highlight that a number of the proposals need significant adjustment in order to reduce complexity, increase certainty, and maintain the investment appeal of MITs.
Ernst & Young submission on the design of the Government’s resource taxation reforms
In our submission to the Policy Transition Group on technical design aspects of the MRRT, extended PRRT and exploration incentives (pdf, 188.3kb), we focus on issues of principle associated with the broad framework of the resources taxation reform, the design of the law, and post-implementation considerations.
Top tax issues for business under a minority government
Australia’s business community is coming to grips with the potential impacts of life under a minority government. But what does this means for the major tax reform initiatives discussed prior to and during the federal election? We outline the tax reform initiatives in play and promised, and the top tax issues for business (pdf, 528.3kb).
New resources taxes: it’s time to act
The re-elected Labor Government has stated that it will proceed with the new resources taxes. It’s time for companies to become involved in the policy development process to help influence the outcome of these significant reforms. Our analysis of the Minerals Resource Rent Tax and extended Petroleum Resource Rent Tax (pdf, 110.8kb) outlines key issues and actions you need to consider.
Tax changes for managed investment trusts
Asset managers and investors should take the opportunity to review their managed investment fund vehicles, and consider the marketing positioning and plans for their fund, in light of new government MIT tax Bill and proposals (pdf, 515.3kb), on 10 February 2010. The new rules allow managed investments trusts to irrevocably elect capital gains tax treatment for gains and losses on the disposal of certain assets.
It's consolidation time
On 10 February 2010 the Government introduced a long awaited Bill covering 20 long awaited consolidation amendments (pdf, 372.6kb). This clarifies the income tax treatment of the tax cost setting amount of revenue assets and rights to future income. The Bill will enable consolidated groups to finalise their positions on many outstanding issues highlighted in our Tax Insight (pdf, 455.7kb).
Indirect tax sharing agreements – is the exit clear?
On 22 January 2010, the Federal Government released for comment its latest Exposure Draft legislation on income tax sharing agreements. In this Tax insight we explore whether income tax concepts and terminology can be successfully applied to the indirect tax landscape (pdf, 470.1kb).
Top tax issues for business leaders
Major tax developments and reforms in 2010 will have significant financial and market impacts for many businesses. Here we highlight emerging issues for 2010 to help chief financial officers, directors and heads of tax with their new year’s tax resolutions. (pdf, 479.3kb)
Another step toward tax reform
On 10 December, Australia’s Future Tax System review panel released its consultation paper, calling for further community input in 2009. In our Tax insight, we outline the review’s work program for 2009 (249kb), key themes identified within the consultation paper and additional research commissioned in 2009.
Further increases to NSW stamp duty on their way
On 30 October 2009 the NSW Government introduced to Parliament legislation which will likely lead to increased stamp duty costs for persons investing in any company and/or unit trust that holds an estate or interest in real property located in NSW (pdf, 138.9kb). In our Tax insight we examine significant changes proposed.
TOFA: time to act
The new rules governing the taxation of financial arrangements (pdf, 325.3kb) (TOFA) affect most corporate groups and will likely impact cash flows, franking account balances, financial accounting outcomes, treasury and hedging strategies, tax compliance requirements and for some businesses product development strategies and customer relations. We discuss the strategic and practical issues to help you make the right choices for your business.
