Dear Valued Clients,
I am excited to announce the first ONESOURCE Tax & Accounting Solutions Newsletter for 2012. With so much happening in the business landscape of Australia & New Zealand and around the world, new developments shaping our industry, and the expansion of our business into new segments and new markets, there is no better time to connect with as many of you as possible on the latest in our tax and accounting solutions.
In this newsletter we feature the launch of ONESOURCE Mining Tax to assist miners in their compliance with the MRRT legislation which was passed in the Senate recently. It is debatable how many companies are prepared for the significant reporting obligations that will now be forced upon them. Most companies we've spoken to have been waiting for legislation to pass before planning for the complex reporting obligations. Consequently, many mining companies do not feel they have the people, processes, or systems in place to comply with the tax. We also highlight the series of free online information sessions via our webex platform to keep you up to date with our new products and releases.
We're also expanding our local team and would like to announce the appointment of Anju Bhatt as the head of client services. Anju has worked with the business for over 10 years with extremely strong client management and will lead the team nationally to further enhance customer satisfaction.
This is an exciting time in our continued journey of Thomson Reuters becoming synonymous with the trusted leader in the tax and accounting industry around the world.
Please email Paul Brindle at firstname.lastname@example.org
ONESOURCE Mining Tax
Software allowing you to meet your MRRT compliance and reporting obligations.
ONESOURCE Mining Tax is an automated reporting tool that enables you to quickly generate the disclosures required to meet the new reporting obligations. To confirm accuracy, the solution's inbuilt logic has been reviewed by a Big 4 accounting firm. You're ensured easy navigation through the technical complexities of the law and increased efficiency in the calculation of transfers and offsets.
ONESOURCE Accounts Production
Thomson Reuters ONESOURCE Accounts Production caters to all company and client reporting requirements.
Emphasising efficiency throughout the accounts preparation process, ONESOURCE Accounts Production provides you with flexible, easy-to-use reports. Our platform provides you with control over the information and data within your accounts — including the ability to maintain a corporate standard throughout your organisation.
Based on a proven Big 4 accounting firm publication, ONESOURCE Accounts Production equips you with a smart and intuitive way to comply with your reporting requirements.
By Stuart Jones
The Government’s proposed changes to the Living-away-from-home (LAFH) rules from 1 July 2012 will present problems for employers with medium-term arrangements already in place, according to accounting firm PKF. Writing in Thomson Reuters Weekly Tax Bulletin Issue 11 (16 March 2012), PKF Director of Taxation, Lance Cunningham and Kumar Krishnasamy, Partner International Employment Taxation, warn that the proposed LAFH changes will have important implications for existing arrangements as at the date of announcement, 29 November 2011.
By Lisa Lynch
The Minerals Resource Rent Tax Bill 2011 and package of related bills have now passed all stages of Parliament and await Royal Assent. The Bills passed the Senate last night [Mon 19.3.2012] without amendment. The Bills will introduce the Minerals Resource Rent Tax (MRRT) and extend the coverage of the existing Petroleum Resource Rent Tax (PRRT). The changes concerning the MRRT and PRRT will apply from 1 July 2012.
By Stuart Jones
The Government’s proposed reforms to the taxation of trusts require a strong SME focus, according to Pitcher Partners. Writing in Thomson Reuters Weekly Tax Bulletin Issue 12 (23 March 2012), Pitcher Partners Executive Directors Theo Sakell and Alexis Kokkinos outline some of the key reform issues and suggest that any changes to the current model of taxing trusts need to make the law simpler and more efficient for SMEs.
By Stuart Jones
The Government has released an exposure draft of proposed amendments that would implement the first stage of reforms to transfer pricing. The proposed amendments follow the Full Federal Court decision in theSNF case in 2011 and are on the Treasury website.
Tax News Division
On 28 November 2011, the ATO released details of its administrative treatment regarding the extension of the FBT exemption for fly-in fly-out arrangements enacted by Tax Laws Amendment (2011 Measures No 6) Act 2011.