Banking on Tax
Focusing on the core tax issues
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.
Issue 13 | September 2014
Income tax treatment of hybrid instruments in Singapore
We summarise the recently issued guidance on the income tax treatment of hybrid instruments in Singapore. We set out the factors considered in the guidance to determine whether a hybrid instrument is debt or equity for tax purposes.
The Murray Inquiry’s interim report
We highlight major takeaways and some omissions from the Murray Inquiry’s interim report, as well as taxation observations relevant to the banking sector.
Impact of the company tax rate reduction and paid parental leave levy on capital management
We consider how the reduction in the company tax rate and the introduction of a paid parental leave levy will affect how a company manages its franking account balance in the absence of transitional provisions.
Taxation on conversion of Basel III compliant tier 2 subordinated debt
We outline the alternative arguments under the commercial debt forgiveness provisions if the relevant loss absorption or non-viability provisions are triggered to convert Basel III compliant tier 2 subordinated debt into ordinary shares.
OECD global model of automatic exchange of financial account information commentaries released
We summarise the Model Competent Authority Agreement and some of the differences between the Common Reporting Standard (CRS) and the FATCA Model 1 intergovernmental agreements. We also highlight the focus areas for the recent Australian Treasury discussion paper on implementation of the CRS in Australia.