Abstracts » Business, international

Narrowing the gap between tax accounting and financial accounting: Australian proposals for change

Article Abstract:

The relevancy of financial accounting principles in calculating the Australian taxpayer's net taxable income is discussed, along with the approach of Australia's federal parliament and courts to the issue. Proposed changes in the nation's taxation system are analyzed.

Tax accounting, Accounting

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Toward a more equitable tax treatment of employee fringe benefits: the Australian experience

Article Abstract:

The US should consider adopting a fringe benefit tax similar to the one used in Australia. Tax equity and neutrality, ease in administration, and system productivity are all ensured by the Australian tax imposed on employers. In the US, inequity results when employees not covered by employer plans have to pay for benefits received tax-free by covered employees in essentially similar jobs. Australian fringe benefit tax provisions concerning exempt benefits and employees, valuation, gross-up rules, taxability, de minimis benefits, and the so-called "otherwise deductible" rule are also discussed.

Employee Benefits NEC, Employee benefits

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The year-2000 computer problem: tax aspects of compliance costs

Article Abstract:

Adjusting computer software to correct for the year-2000 computer problem is a costly enterprise for businesses. Tax provisions in Australia and the US may help absorb some of the costs of adapting current software, obtaining new software, or developing new software. Whether capitalization of costs or taking business expense deductions is the appropriate tax treatment is an important unresolved issue.

United States, Public Finance Activities, Tax Deductions & Exemptions, Management, Software, Year 2000 transition (Computers), Expense deductions, Tax deductions

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