View the media release archives for the last two years. Most recent media releases are listed at the top of the page.
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| Management and auditor SOX responsibility relaxed |
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29 May 2007 |
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The US Public Company Accounting Oversight Board and SEC new guidance for compliance with Section 404 of Sarbanes-Oxley (SOX) regulations relaxes the responsibility of companies to report financial risk. Deloitte Risk Advisory Partner Dean Kingsley said the changes will be welcomed by SOX-fatigued organisations and make compliance simpler for auditors and management. “Although compliance will be less onerous, the changes will still present significant organisational challenges for the executive management to streamline their internal controls and reporting of financial risk. “The key challenge for... |
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| Employee share schemes remain out of reach |
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28 May 2007 |
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Private companies remain disappointed with the Federal Government’s long awaited Corporations Law reforms around employee share schemes according to Deloitte Reward Partner Joe Tropeano. “As they stand, these reforms will be largely ineffective in making it easier for private companies to offer shares to their employee,” said Mr Tropeano. “Attracting, developing and retaining talent continues to be a key business challenge facing organisations, and private companies will unfortunately continue to fight this talent shortage with one hand tied behind their backs. “Private companies... |
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| In the dark about the health of our companies |
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22 May 2007 |
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A global survey of directors and senior executives, backed up by an Australian poll of leading Chief Financial Officers (CFOs), has again highlighted the growing importance of quality non-financial information, such as operational performance and customer satisfaction in predicting the overall health of organisations. The second global Deloitte survey, “In the Dark II: What many boards and executives STILL don’t know about the health of their businesses”, highlights the change that is being forced at the top by the growing influence of the internet on customer behaviour as well the increased regulatory and shareholder scrutiny of... |
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| New Zealand levels the playing field for business |
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18 May 2007 |
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The New Zealand Government has today announced a reduction to their corporate tax rate from 33 per cent to 30 per cent, following a trend of Australia’s trading competitors in Asia-Pacific and Europe said Deloitte Tax Partner, Mike De Palo. “On the face of it, it might be thought that the New Zealand Government is bringing their corporate tax rate into line with Australia,” Mr De Palo said. “However Australian companies pay a raft of other taxes that companies in New Zealand don’t pay, such as payroll tax, land tax and stamp duties - that is, the State taxes. “These of course feed into our competitiveness on a... |
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| The Bledisloe Cup for the R&D dollar |
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18 May 2007 |
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A 15 per cent R&D tax credit, announced in the New Zealand Budget today makes NZ more attractive for investment in R&D according to Deloitte National R&D Tax Leader, Serg Duchini. “All things being equal, it definitely increases the attractiveness of undertaking R&D in New Zealand versus Australia,” Mr Duchini said. “The credit is comparable to an Australian R&D deduction of 150 per cent for qualifying expenditure. “The decision to have a volume based credit is sound as it leaves the door open to introduce an additional incremental benefit at a later date, which would further enhance the attractiveness of the... |
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| CGT rules short change insurers |
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16 May 2007 |
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Insurance organisations that have consolidated and settled liabilities prior to May 8 2007 will be disadvantaged by the changes to the Capital Gains Tax rules announced in the Federal Budget, said Deloitte Tax Partner John Giannakopoulos. Tax Partner Adele Watson explained that insurance companies have struggled with the Capital Gains Tax that may arise when a liability is discharged for an amount that is different to the amount used for tax cost setting purposes. “This is relevant to the outstanding claims reserves that are maintained by insurers on their balance sheet according to generally accepted accounting... |
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| Winners announced for the 2007 Peter Corrigan International Exchange Awards |
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16 May 2007 |
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Harry Patel of GAB Robins in Australia and Judith Llanes of QBE in the Philippines have won the $10,000 Peter Corrigan International Exchange Award for 2007. Selected by a six member judging panel for global professional services firm Deloitte and the Australian and New Zealand Institute of Insurance and Finance (ANZIIF), the Peter Corrigan International Exchange Award recognises outstanding young individuals in the Asia Pacific region. The annual awards were launched in 2004 to support talented young insurance professionals and to strengthen insurance industry links throughout Asia Pacific. Established by Deloitte and... |
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| Government assistance for WA super fund welcomed |
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16 May 2007 |
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Deloitte Management Pty Ltd, Acting Trustee for the Strategic Capital Superannuation Fund, today welcomed the Minister for Revenue and Assistant Treasurer, the Hon. Peter Dutton’s decision to provide financial assistance to the Strategic Capital Superannuation Fund (SCSF). Deloitte Management Pty Ltd Director, Tony Brain, said the decision was welcome news for members and will assist in ensuring ongoing public confidence in the superannuation industry. “The Minister’s decision sends a strong message to super fund members, that the government will protect your hard earned dollars if your fund suffers a financial loss as a... |
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| Receivers appointed to South Burnett Beef |
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15 May 2007 |
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Late yesterday afternoon, John Greig and David Lombe of Deloitte were appointed Receivers and Managers of South Burnett Beef Trading Pty Ltd and Baron Group Australia Pty Ltd. The appointment followed difficult trading conditions in March and April of this year due to a combination of factors including: the rise of the Australian dollar above 83 US cents the large fall in prices in the Korean Beef Market the flow on effect of this fall to the Japanese Beef Market the non payment of a significant debt owed to South Burnett...
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| Business succession – contingency plan is vital |
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15 May 2007 |
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All business owners should account for the company’s strategic direction when building the succession plan as well as providing for the business’ survival in the event of death or disability of key management according to Deloitte Tax Partner, Craig Holland.
“Many private business owners have not taken the time to develop a written business plan, which is current and relevant. As businesses grow, the management-succession process becomes more and more complicated, which is why they may avoid the task,” Mr Holland said.
“A formal plan must be developed, implemented and monitored in... |
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