Original article by John Kehoe
The Australian Financial Review – Page: 1 & 2 : 8-Jan-19
The Australian Taxation Office wants to cut the amount of goods and services tax credits that banks and other financial institutions claim for providing home loans, credit cards and transactional accounts. Experts suggest that the ATO’s clampdown could cost each of the big banks between $60 million and $80 million a year, while bank executives acknowledge that it will be very difficult for them to pass on any higher tax costs to customers, given the current poor reputation of the banking sector.
AUSTRALIAN TAXATION OFFICE, AUSTRALIAN BANKING ASSOCIATION