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CCH software module takes the fuss out of Minerals Resource Rent Tax compliance
 

Sydney, Australia (2 July, 2012) — CCH, a Wolters Kluwer business, today announced the release of a Minerals Resource Rent Tax (MRRT) module for its next-generation corporate tax compliance software solution, CCH Tax Integrator.

“We, at CCH, believe that today’s Tax Managers must be armed with appropriate knowledge on regulatory changes and access to a network of peers and regulators in order to learn how to deal with the policy changes in Australia’s ever-changing tax environment. In order to achieve total peace of mind they also require innovative and proven software technology and support to meet the compliance burden without feeling overcome. Hence, we developed the CCH Tax Integrator for MRRT module which is built on a single and established technology platform and is a simple matter of one mouse click to turn on the new module,” according to Peter Boyle, CCH’s Director of Corporate Tax Solutions.

“It requires only minimal training and takes the user a matter of minutes to be up and running. It is not a spreadsheet-based solution like many other solutions which is why our clients are making the successful switch to CCH’s market-leading CCH Tax Integrator software.

“All of our customers have told us about their concerns around the need for greater compliance and the excessive complexity of tax rules makes Excel-based solutions very impractical,” Boyle added.

CCH Australia has been the leading provider of tax compliance software to the mining and resources industry for 10 years and has been working with some of its largest customers in the mining and resources industry to develop a MRRT and Petroleum Resource Rent Tax (PRRT) solution which is fully embedded within the CCH Tax Integrator software. The new MRRT software solution embraces Tax Accounting impacts alongside record keeping for the Australian Taxation Office Disclosure requirements for MRRT, Boyle explained.

Users of CCH Tax Integrator software rely on:


  • both separate and/or integrated MRRT and Income Tax IAS 12 compliant Tax Accounting Calculations

  • integration of MRRT from current year tracking into a dedicated MRRT module that records ongoing expense tracking, Tax Paid, Extraction Allowances, Royalties, Uplifts and all other elements impacting the tax calculation

  • current year MRRT Statement of Position Calculations

  • direct integration of MRRT module outputs into Statements of Taxable Income for Tax Effect or Income Tax Calculations; and

  • full audit trails, separation of controls and tracking of progress for reporting.

“The CCH Tax Integrator software also includes automation of General Ledger data inputs and automation of tax adjustments alongside extensive fixed and custom reporting. Clearly, our CCH Tax Integrator software works as you need it, when you need it,” Boyle continued.

In addition to CCH’s ongoing coverage of Australian taxation legislation, CCH Australia also organised a series of targeted initiatives, including expert commentary, product demonstrations and keynote speaking events, in association with The Tax Institute, addressing the impact of MRRT, PRRT and other legislative changes.

Click here for more information on CCH’s Tax Integrator software for MRRT.



Ends.


For more information, please contact:

Greg Conway
Senior Communications Advisor, Wolters Kluwer Asia Pacific
T: +61 2 9857 1886 | M. +61 (0)408 290 412 | greg.conway@cch.com.au

About CCH, a Wolters Kluwer business
CCH (www.cch.com.au) is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues of (2011) €3.4 billion ($4.7 billion) and approximately 19,000 employees worldwide. Professionals in the areas of law, business, tax, accounting, finance, audit, risk, compliance, and healthcare rely on Wolters Kluwer’s leading information-enabled tools and software solutions to manage their business efficiently, deliver results to their clients, and succeed in an ever more dynamic world.

Wolters Kluwer maintains operations across Europe, North America, Asia Pacific, and Latin America, serving customers globally. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Please visit our website or follow us on Twitter, LinkedIn or Facebook for more information.

About Corporate Tax Solutions
CCH’s Corporate Tax Solution (CTS) business was acquired from Ernst & Young back in 2010. Since that time the corporate tax business has rapidly grown and its software solutions are used by top progressive corporations like BHP Billiton, Rio Tinto, Johnson & Johnson, Coca Cola and the top banks in Australia and New Zealand. These organisations trust CCH because it helps their in-house tax function meet the organisation’s tax compliance requirements week in, week out.

Forward-looking statements
This press release contains forward-looking statements. These statements may be identified by words such as “expect,” “should,” “could,” “shall,” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behaviour of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 
 
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