Tax insights
Further increases to NSW stamp duty on their way - November 2009 (pdf, 138.9kb)
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. In our Tax insight we examine significant changes proposed.
ATO cracks down with its compliance program - August 2009 (pdf, 147kb)
The Australian Taxation Office (ATO) compliance program for the 2009/10 year, released on 6 August, represents a significant increase in audit and review activity over previous years, reflecting the likely pressure to maintain tax revenue. In our Tax insight, we outline the new and most significant issues for businesses and our recommended action.
Going from "cash-burn" to "cash-earn" - tax strategies for challenging times - June 2009 (pdf, 248kb)
In this challenging economic environment, liquidity and cash flow have become more critical than ever to a company's ability to drive its agenda. Tax is one of the largest expenses on the income statement, and many organisations are looking to identify effective cash strategies that can positively impact their financial position. Wherever a company sits on the financial spectrum - from "cash-burn" to "cash-earn" - tax can provide a variety of strategies to help companies preserve, acquire or maximise cash to support business goals. In our survey, we discovered that many companies have not fully considered the impact that tax cash management strategies can have on their financial position.
Significant financial services tax reform in 2009 - June 2009 (pdf, 502kb)
Several tax reform initiatives are currently under consideration by the government which may significantly affect financial services businesses. Funds managers, banks and other financial services providers, including custodians, must consider the impact of these proposals as some apply to the 2009 income year while others may require action early in the 2010 income year.
Stamp duty costs to soar - June 2009 (pdf, 128kb)
On 17 June 2009 the NSW government introduced into parliament a Bill containing a number of significant changes to stamp duty. In our Tax insight we examine the most relevant changes, namely the introduction of a landholder model and general anti-avoidance provisions; and the impact on transactions.
Treasury reviews may change the GST landscape - June 2009 (pdf, 570kb)
As part of this year's federal budget the government accepted almost all the recommendations resulting from the Board of Taxation's GST review. It is now seeking input on proposed changes to the GST legislation to apply from 1 July 2010. Our Tax insight highlights the key issues the proposed changes raise for business.
Tax reform in full flight - May 2009 (pdf, 120kb)
Federal Treasury is currently consulting with the general public and businesses to gain input to a series of potentially significant tax reform measures announced either in the federal budget or separately. Our Tax insight highlights the more significant consultations and the implications of the proposed changes for business.
Refunds, reporting and risks for consolidated groups - April 2009 (pdf, 156kb)
An exposure draft to implement long awaited tax consolidation announcements, released on 28 April 2009, might result in opportunities for tax refunds on prior-year returns. In our Tax insight, we highlight key changes in the ED and strategies for businesses to consider to take advantage of any potential opportunities.
Action time for investment allowance – March 2009 (pdf, 154kb)
On 19 March 2009 the government introduced into Parliament the Bill to implement the investment allowance, which in some circumstances can amount to a 30% tax concession. The legislation presents a significant opportunity for businesses if they are able to act rapidly. In our Tax insight, we highlight strategies for businesses to consider to take advantage of the investment allowance.
Investment allowance tax break needs mending – March 2009 (pdf, 162 kb)
The Exposure Draft of the Government’s investment allowance legislation, released on 25 February, presents a significant opportunity to some businesses. However, the timescales and certain exclusions are such that many businesses will be unable to take advantage of this tax break. In this Tax insight, we outline eligible assets and timescales and highlight areas that we believe should be fixed before the legislation is introduced to Parliament.
Another step toward tax reform – December 2008 (pdf, 244kb)
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, key themes identified within the consultation paper and additional research commissioned in 2009.
Decision time for TOFA – December 2008 (pdf, 231kb)
On 4 December, the government introduced a Bill to implement the Taxation of Financial Arrangements reforms - Stages 3 and 4. In our Tax insight, we highlight key issues for management and provide answers to frequently asked TOFA questions. In our separate publication Not if, but when, released in March 2009 when the TOFA Bill was passed by Parliament, we discuss the critical strategic and practical issues to consider in planning and implementing TOFA.
Tax issues in a volatile economy – December 2008 (pdf, 208kb)
In response to current economic volatility, many businesses are reviewing and adjusting their strategy. Tax risk management issues are an important factor to take into account in this process, given the increased likelihood of tax losses and bad debts, volatile asset pricing impacting thin capitalisation ratios and debt restructures. In this Tax insight, we discuss tax issues businesses should be aware of in this environment, and the action required to manage associated risk.
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