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Banking on Tax

Issue 11 | December 2013

Banking on Tax | Issue 11

Banking on Tax is Deloitte's quarterly newsletter covering the core tax issues as they affect bankers. If you would like to receive this publication by email please contact us.

Featured articles

ATO practice statements following the decision in the Macquarie Bank case

  In this article, we consider the decision in Macquarie Bank Limited v Commissioner of Taxation [2013] FCA 887 on the status of ATO practice statements. We also outline the status of the OBU changes, particularly for the allocation of expenses to an OBU.

ATO commences online banking platform project

  We outline the ATO's review of the use of online banking platforms by Australian customers.

Opportunities for tax functions as APRA raises the bar for risk management

  We consider how the recent draft prudential standards on risk management and governance released by the Australian Prudential Regulation Authority provide an opportunity for a tax function to raise its profile within a bank and respond to the ATO's focus on tax risk management and governance.

Spotlight on tax themes and recent tax developments for banks in Asia

  A number of recent tax developments across Asia affect banks and other financial institutions. We provide a summary of a few of the key tax reform themes and shine a spotlight on some specific tax developments as examples of those themes.

Specific integrity rule to address dividend washing

  We look at so-called 'dividend washing' and outline the intended legislative approach to deny franking credits from dividend washing and the ATO's interim approach.

Guidance for reduced input tax credits for managed investment schemes

  We outline modifications to the way in which reduced input tax credit rules apply to managed investment schemes, including the apportionment methodology set out in GST Determination GSTD 2013/3 for determining reduced input tax credits for a single fee that covers a number of services.

Globalisation of FATCA for multilateral exchange of tax information

  In this article, we highlight the timing and key aspects of the OECD project for multilateral exchange of tax information based on the model 1 intergovernmental agreements for the U.S. Foreign Account Tax Compliance Act.

AUD LIBOR discontinued ─ Can the LIBOR cap in Part IIIB still apply?

  We consider whether the LIBOR cap for interest deductions by Australian branches of foreign banks can still apply following discontinuation of the AUD LIBOR.

A banking perspective on the recent tax reform announcements

  We summarise the status of certain tax reform measures following recent announcements by the government.

Download Banking on Tax, Issue 11

  PDF file | 12 pages

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  • Patrick Broughan
    Tax Partner
    Tel: +61 3 9671 6606
    Meet the team

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