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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| FBT concessions for service providers |
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11 May 2004 |
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The Federal Budget has provided a number of additional fringe benefits tax concessions in its 2004 Budget that will benefit the police force, public ambulance officers and recipients of military compensation payments according to Karen Stein, Partner of Deloitte. All public ambulance services will be able to provide benefits of up to $17,000 of grossed up taxable value per employee without incurring a first liability. This will align them with public benevolent institutions and provide significant savings for this industry of over $3m per year. Further, those employees in receipt of particular military compensation... |
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| Annual GST payments could increase small business collapses |
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11 May 2004 |
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Small businesses will welcome the eased GST compliance measures announced in the Budget, but could get caught out if they don’t carefully plan for GST payments, according to Deloitte Tax Partner, Mr John Koutsogiannis. Mr Koutsogiannis said changes to GST payments for some small businesses and non-profit organisations from quarterly to annually could inadvertently encourage small businesses to use GST payments to fund business operations when cash flow problems were encountered. “This could lead to an increase in small business collapses come annual GST payment time,” Mr Koutsogiannis said. “Additionally, small... |
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| Deloitte signs as principal sponsor for the UNSW ‘Meet the CEO’ series |
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18 April 2004 |
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19th April, Sydney, Australia: Deloitte has signed as principal sponsor for the UNSW Faculty of Commerce and Economics’ ‘Meet the CEO’ Series for 2004.
The ‘Meet the CEO’ series aims to give students and alumni access to contemporary thinking in business by leading practitioners from the business and government communities. It also enables attendees to network with Faculty members, fellow graduates and senior executives from the business world.
Deloitte sponsored the inaugural event in December 2003 when Sir Richard Branson, Chairman of the Virgin Group, kicked off the... |
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| At-call loans facing new tax hurdles, says Deloitte |
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12 April 2004 |
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Businesses should move now to review their related party and ‘at call’ loans in the wake of proposed tax changes unveiled by the Federal Government, according to Deloitte. The Government has foreshadowed changes to the application of debt/equity tax rules to ‘at call’ loans, which are popular in the small to medium business (SME) sector. Transitional arrangements, which presently treat related party loans as debt interests, will end on 30 June this year. Deloitte says from this date, ‘at call’ loans are likely to be treated as equity for income tax purposes, and any subsequent payments... |
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| Deloitte welcomes FRC go-ahead on international accounting standards |
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05 April 2004 |
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Big Four professional services firm Deloitte has welcomed the decision of Australia’s Financial Reporting Council to retain the 2005 start date for international accounting standards. “Keeping the 2005 start date will ensure that Australia remains at the forefront of global accounting trends,” Deloitte Partner Bruce Porter said. “This decision will be particularly welcomed by global companies operating from and in Australia who want to move towards International Financial Reporting Standards (IFRS) as soon as possible to gain the maximum advantage. “It’s clarified the position for corporate Australia, and it’s... |
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| International tax changes turning the tide, says Deloitte |
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01 April 2004 |
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A new package of international tax measures introduced into Federal Parliament today would help to turn the tide against the complexity of international tax rules, according to Deloitte. Deloitte says the measures build on previously introduced international tax reforms (currently before the Senate) and the new tax treaties with the US and the UK, and would help to attract more multinational investment to Australia. Deloitte International Tax Partner Joe Niven said the new rules would largely repeal a maze of provisions dealing with the taxation of foreign dividends. Currently such dividends are either exempt, partially... |
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| Strong interest in WC Penfold assets and business |
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24 March 2004 |
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The administrators of WC Penfold Limited, Mr David Lombe and Mr John Greig of Deloitte, have received 62 expressions of interest in the assets of the business, either in whole or in part. “We are very encouraged by the level of interest in the business,” Mr Lombe said. “We will now provide interested parties with an information memorandum detailing the financial position and strategic plan of the company. “Interested parties will have until early April to submit a non-binding indicative offer,” he said. The assets for sale include:
• 30 stores in city and suburban areas, Sydney, Melbourne,... |
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| FBT time for staff team-building events |
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22 March 2004 |
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Employers who hold conferences and team-building activities for staff may be unwittingly contributing to fringe benefits tax liabilities, according to Deloitte. Deloitte says that many employers are unaware that recreational activities, such as white water rafting, high ropes climbing, sailing and golf days, which are provided for team building purposes, will be categorised as entertainment and therefore be subject to FBT. Deloitte Indirect Tax Partner Karen Stein says that although the intention of the activity is to encourage team building and staff development, the nature of the activity may be viewed as... |
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| Deloitte Growth Solutions recruits new partners to cater for growing market demand |
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16 March 2004 |
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Over the last 6 months Deloitte’s middle market division (Deloitte Growth Solutions) has recruited two new partners from the second tier firm Horwath. Andrew Bethune and Michael Clarke recently joined the Melbourne and Sydney offices respectively.
Deloitte's Growth Solutions group was started in 1999 and currently has a staff of 600, including 60 partners, and fee revenue of about $100 million a year. The group's national leader, Vince Fitzsimons, says he wants to increase earnings and staff numbers by 20-25% each year.
“Recruiting young dynamic partners is integral to the momentum of strategies in the... |
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| WC Penfold appoints Deloitte as Voluntary Administrators |
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08 March 2004 |
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The directors of WC Penfold Limited have today appointed Mr John Greig and Mr David Lombe of Deloitte as Voluntary Administrators of the company on the basis that the company is insolvent or likely to become insolvent. WC Penfold Limited is Australia’s oldest retail office products group with 32 stores and a distribution centre and approximately 150 employees across NSW, ACT, Victoria, Queensland and South Australia. Administrator, Mr John Greig, said he would be undertaking an immediate evaluation of the company’s financial position to determine its viability. “The business will trade as normal and stores will... |
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