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| High Court decision fails to provide certainty for all industries |
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22 May 2008 |
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The first GST High Court case handed down today clarifies that GST is payable on deposits forfeited on land and property transactions but leaves the treatment of GST on forfeited deposits uncertain for other industries according to Deloitte Indirect Tax Partner Andrew Nutman. “However, the case involving Reliance Carpets vs the Commissioner of Taxation, ultimately failed to address the treatment of deposits for GST purposes,” Mr Nutman said. “Reliance Carpets challenged whether business should pay one 11th of any forfeited deposit to the Tax Office.” “The Commissioner’s appeal was successful and businesses involved in... |
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| High Court decision could cost ATO up to $1bn |
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21 May 2008 |
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WEDNESDAY, 21 May 2008 - All businesses that take deposits for goods and services will be eagerly awaiting the first GST High Court case expected to be handed down tomorrow according to Deloitte Indirect Tax Partner Andrew Nutman. The case involving Reliance Carpets vs the Commissioner of Taxation, explores one of the fundamental cornerstones of the GST law, of what is and what is not a supply for GST purposes,” Mr Nutman said. “Currently, business pays one 11th of any forfeited deposit to the Tax Office but this case challenges whether the ATO should receive the money. “If the Commissioner’s appeal is... |
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| Flood Cover: missing from Climate Change budget initiatives… |
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20 May 2008 |
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“Responsibility to enable widespread flood insurance coverage to be available in Australia rests firmly with Government,” said Deloitte General Insurance actuarial partner Elaine Collins. To this end she was disappointed by the fact that the Treasurer in last week’s budget failed to address damage to property caused by flood in its $2.3 billion allocation to address climate change. Collins comments reiterate those of the Insurance Council which pointed to the need for Federal, State and local government to be involved in protecting the community from the effects of flood. “Because of changing climate, floods are likely to become... |
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| Temporary resident super changes could net up to $1 billion for the ATO |
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20 May 2008 |
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TUESDAY, 20 May 2008 - Super changes for temporary residents proposed by the Federal Government could mean up to $1 billion a year would be diverted to the ATO according to Deloitte Tax Partner, Sarah Lane. “It’s difficult to calculate precisely, but with over 100,000 skilled workers currently sponsored for a visa by Australian companies and the upward pressure on wages, particularly in the west, $1billion is not out of the question,” Ms Lane said. “While there is merit in a policy designed to reduce the administrative costs and amount of lost super in the system, this change will significantly affect the... |
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| Website tracking to face increased user resistance and XBRL the newest business acronym on the block |
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19 May 2008 |
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Deloitte Touche Tohmatsu analyses top trends for the technology industry for 2008 May 19, 2008: Deloitte’s Global Technology Predictions 2008 released in Australia today showcase trends in technology that highlight the use of data to drive knowledge and create value, said Damien Tampling, Deloitte’s technology, media & telecommunications industry (TMT) leader. “2008 will see an increased user resistance to online tracking, a move from online anonymity to authenticity of users and XBRL becoming the newest business acronym on the block following GAAP and HTML,” he added. The flight to... |
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| Increase in luxury car tax |
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16 May 2008 |
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The 2008 Federal Budget included a higher tax for luxury cars with effect from 1 July 2008. For the first time in more than ten years, Luxury Car Tax (LCT) will rise from 25 per cent to 33 per cent on vehicles with a GST inclusive value above the LCT threshold noted Wayne Pearson, Managing Director Deloitte Motor Industry Services. The cars affected will be those that cost more than the current $57,123 luxury car threshold. This limit set for the 2007/8 financial year is reviewed annually by the Australian Tax Office and is subject to change. “Whilst 90 per cent of luxury cars are imported, local brands such as the Holden... |
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| Government introduces circuit breaker in the health care industry – will it be sustainable? |
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14 May 2008 |
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The Federal Government has introduced a circuit breaker to alleviate the nursing shortage by providing in this year’s Federal Budget, $39.4 million over five years to encourage qualified nurses to return to the nursing workforce. Returning nurses will be paid $3,000 after 6 months and a further $3,000 after 18 months. However, according to Nicky Wakefield, Human Capital Partner at Deloitte, it’s now up to employers to define a strategy for engaging and retaining both the newly entering nurses and the incumbent workforce. “Healthcare providers need to formulate effective Talent Management strategies in order to achieve... |
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| Receivers and managers appointed to Beechwood Homes |
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14 May 2008 |
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SYDNEY – On Wednesday 14 May, following the appointment of voluntary administrators by the Directors of Beechwood Homes on Tuesday 13 May, David Lombe and Chris Campbell from the Deloitte Corporate Reorganisation Group were appointed by a secured creditor as Receivers and Managers of Beechwood Homes, being made up of L.E.D. Builders Pty Limited, L.E.D. (North Coast) Pty Limited, L.E.D. (South Coast) Pty Limited (All Receivers and Managers Appointed) (In Administration). Beechwood Homes is an Australian owned family company that was started in the early 1980s, and is currently building approximately 350 homes. The Directors... |
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| Employers urged to review salary packages |
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13 May 2008 |
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Deloitte Employment Taxes Partner, Elizma Bolt, says that all employers should review remuneration arrangements entered into with their employees as a result of changes to fringe benefits tax (FBT) legislation and amendments to income tax brackets announced in the 2008 Federal Budget.
“The key change employers need to be aware of is the tightening of provisions relating to “eligible work-related items” and property consumed on an employers’ premise,” Ms Bolt said.
“This change will affect a broad range of employees across all income brackets and all current arrangements should be reviewed,” she says.
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| SME’s waiting for tax simplification |
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13 May 2008 |
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Small medium businesses will be waiting with bated breath for the simplification they so desperately need according to Mr David Pring, Deloitte Tax Partner. “Currently Mid Cap companies including many private companies have to contend with the same complex tax system that applies to the top end of town. A simpler tax system with reduction of red tape that had been promised in recent years was announced as part of the Budget. The measures are to be released by the end of 2009.” SME’s would like to see a simpler system removing complex anti-avoidance provisions and doing away with double reporting of information to the ATO. To... |
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