Thin capitalisation rules – amendments welcome

Sydney, 26 May 2010: The Australian Bankers’ Association (ABA) welcomes the introduction to the Parliament of the amendments to the thin capitalisation tax rules.

Steven Münchenberg, Chief Executive of the ABA, said: “These provisions clarify the treatment of certain bank assets under the accounting standards - International Financial Reporting Standards - and ensure that the Australian thin capitalisation regime continues to support the multi-national operations of Australian banks.”

“The ABA and the member banks have worked closely with Treasury on resolving the technical detail required, and have welcomed the assistance of the Assistant Treasurer, Senator Nick Sherry, in achieving this important legislative fix.”

The amendments to the thin capitalisation rules were necessary following the changes to Australian accounting standards.

 
For further information: 

Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439

ENDS