KPMG Australia has denied media reports that it played a significant role in influencing a controversial new mining tax.
KPMG Econtech, an economic consulting arm of the Big Four firm, was employed by the Australian government to model the economic effects of the government’s Future Tax System Review.
A key part of the tax reform has been the introduction of the Resource Super Profits Tax, a 40 per cent tax on mining profits that is in addition to the usual company income tax. It is due to start on 1 July 2012.
KPMG said its modeling on the RSPT confirmed that the proposed tax will increase the level of tax paid by the mining industry, however it was never asked by the Australian Treasury to comment on the policy.