ASX Corporate Governance Council’s Principles and Recommendations – consultation on whether an entity’s board must consider the views and interests of other stakeholders, such as customers, suppliers, consumers, tax payers and others

Tax Month - July 2018

Article appearing in the 4/7/18 KPMG ‘Daily Tax News’ Amongst the changing governance landscape with respect to directors’ duties and liabilities, it is important to remember that the general duties of directors are owed to the company for which they are a director. The Australian Securities Exchange (ASX) consultation process currently underway to update the…

Tax Related Bills still outstanding – including: $20k ‘write-off’; corporate tax cuts; Hybrid Mismatch Rules; Multi-Lateral Instrument; Black Economy Bill; and non-resident ‘main residence’ abolition

Tax Month - July 2018

The last Parliamentary Winter sittings were held in the last week of June 2018, and there are quite a few significant tax bills still before Parliament that are on hold until Parliament resumes again on 13 August. Corporate Tax Cuts – the remaining ‘tranche’: The most significant is the bill related to company tax rate…

Allocation of Profits in Professional Firms – ATO advice to Working Group as of 28 June 2018 – definition of ‘professsionals’ (gateway) – factors in achieving structure neutral guidance focussing on economic outcomes

Tax Month - July 2018

ATO advice to Professional Firms Working Group as of 28 June 2018 Thank you for your continued input and participation as a member of the Professional Firms Working Group. Your suggestions continue to provide valuable insights which provide a richer understanding of the issues and have assisted in enabling us to progress the review of…