Author: roymorgansocial

High-risk super funds put on ATO watch list

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Original article by Kate Cowling
The Australian Financial Review – Page: 9 : 21-Aug-15

The Australian Taxation Office (ATO) is investigating self-managed super funds (SMSFs) engaging in aggressive tax strategies. SMSFs considered high risk will be placed on a watch list and the trustee could be fined for breaches of the Superannuation Industry Supervision Act. Assistant commissioner Kasey Macfarlane warned that individuals "looking to play the system" would be identified through new data capture techniques adopted by the ATO.

CORPORATES
AUSTRALIAN TAXATION OFFICE, THE TAX INSTITUTE, RP DATA LIMITED, AUSTRACK PTY LTD

Coalition thinks corporate tax disclosure about right

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 11 : 20-Aug-15

The interim report of the Senate inquiry into corporate tax avoidance demonstrates philosophical differences between the Australian Government and the opposition parties. The Australian Labor Party and Australian Greens want more transparency, while the government thinks current disclosure rules are about right. The two government members of the committee, which is headed by Labor’s Sam Dastyari, believe a voluntary disclosure code strikes a balance between the need for transparency and the privacy and competitiveness concerns of business.

CORPORATES
AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, AUSTRALIAN LABOR PARTY, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN GREENS, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIA. DEPT OF THE TREASURY, RIO TINTO LIMITED – ASX RIO, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS, AUSTRALIA. BOARD OF TAXATION

Reserve Bank calls out big banks on high credit card profits

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Original article by Shaun Drummond
The Australian Financial Review – Page: 21 : 20-Aug-15

The Reserve Bank of Australia says interest rates on credit cards, which spiked after the global financial crisis, have remained high despite the fall in the cash rate since then. Advertised rates have risen from 16 per cent eight years ago to about 20 per cent on standard credit cards. It is estimated the "spread" the banks earn on cards above the cost of funding them has risen from about six percentage points in 2007 to nine in the March quarter of 2015.

CORPORATES
RESERVE BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, RETAIL FINANCE INTELLIGENCE PTY LTD

‘If those projects don’t go, Qld is finished’

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Original article by Mark Ludlow, Misa Han
The Australian Financial Review – Page: 6 : 20-Aug-15

Townsville mayor Jenny Hill is leading community support for the Adani coal mine, which is bogged down in litigation brought against the $A16.5 billion development by environmental activists. Townsville was hoping to be a hub for fly-in, fly-out workers. "We need the jobs," Hill said as Queensland businesses also threw their weight behind the mine, which will supply coal to India.

CORPORATES
ADANI ENTERPRISES LIMITED, TOWNSVILLE CITY COUNCIL, POLLARD PLANT HIRE, QUEENSLAND. DEPT OF THE PREMIER AND CABINET

Woodside aims to pounce on ‘crown jewels’

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 20-Aug-15

Low commodity prices may eventually force stressed companies to put their "crown jewels" on the market, at which time Woodside Petroleum will be ready to pounce, says CEO Peter Coleman. Meanwhile, he will not risk precious cash on lower quality assets. Despite reporting a 39 per cent drop in first half profits due to the collapse in oil and LNG prices, Woodside has little debt, making it well placed to take advantage of takeover opportunities.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, BT AUSTRALIA PTY LTD, MACQUARIE EQUITIES LIMITED, APACHE CORPORATION, CHEVRON CORPORATION

Jackson ordered to repay $1.4m to health union

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Original article by Lucille Keen
The Australian Financial Review – Page: 8 : 20-Aug-15

The Federal Court has found the former head of the Health Services Union, Kathy Jackson, misused union funds. She has been ordered to repay $A1.4 million. Justice Richard Tracey said Jackson had improperly used her position to gain personal advantage, spending union funds on shopping trips, divorce payments and holidays overseas. Jackson declared bankruptcy on the first day of the court case.

CORPORATES
FEDERAL COURT OF AUSTRALIA, HEALTH SERVICES UNION OF AUSTRALIA, VICTORIA POLICE, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF EDUCATION, EMPLOYMENT AND WORKPLACE RELATIONS, AUSTRALIA. FAIR WORK COMMISSION

The long wait for Adani

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Original article by Phillip Coorey, Mark Ludlow, Primrose Riordan
The Australian Financial Review – Page: 1 : 20-Aug-15

Attorney-General George Brandis has challenged the Australian Labor Party (ALP) to support workers instead of the green movement in repealing section 487 of the Environment Protection & Biodiversity Conservation Act. It is the section which has allowed activists to tie up mining projects, such as the giant Adani coal mine in Queensland, in the courts. Brandis said passing the repeal through the Senate was a matter for the ALP, not the Australian Greens or crossbench senators.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, QUEENSLAND. DEPT OF MINES AND ENERGY, FEDERAL COURT OF AUSTRALIA, ADANI ENTERPRISES LIMITED, PALMER UNITED PARTY, MACKAY CONSERVATION GROUP INCORPORATED, ASSOCIATION OF MINING AND EXPLORATION COMPANIES, AUSTRALIA. DEPT OF THE ENVIRONMENT

‘Kidnap’ exemption to be introduced to Parliament

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Original article by Joanna Mather
The Australian Financial Review – Page: 11 : 20-Aug-15

Assistant Treasurer Josh Frydenberg has convinced some crossbench senators to support legislation that will exempt about 1,000 private companies from revealing their tax affairs. Independent senator Nick Xenophon is the latest to agree to the "kidnap" exemption, so called because some owners of private companies fear they will be crime targets if their fortunes are revealed. With the Australian Labor Party and Australian Greens opposing the change, the government needs six of the eight crossbenchers to support its bill.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, TEYS BROS (HOLDINGS) PTY LTD, AUSTRALIAN TAXATION OFFICE, BUSINESS COUNCIL OF AUSTRALIA, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Australian dollar wobbles on new China volatility

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 26 : 20-Aug-15

The Australian dollar was trading at $US0.7333 in late trade on 18 August 2015. The Australian currency is under pressure because of weak commodity prices. Copper and aluminium prices have fallen to their lowest levels in six years. National Australia Bank global co-head of foreign exchange strategy Ray Attrill says the Australian dollar usually moves in the same direction as the currencies of Asia’s emerging economies.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, UNITED STATES. FEDERAL RESERVE BOARD, SAXO CAPITAL MARKETS (AUSTRALIA) PTY LTD

Charter Hall to raise $55m for Automotive

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Original article by Matthew Cranston
The Australian Financial Review – Page: 43 : 20-Aug-15

Charter Hall is setting up a new unlisted retail property trust. The Charter Hall Direct Automotive Trust will hold $A102 million worth of properties which are to be acquired from the Automotive Holdings Group (AHG) and a syndicate managed by API. The acquired properties will be leased back to AHG. Charter Hall is seeking $A55 million from investors for the new fund.

CORPORATES
CHARTER HALL GROUP – ASX CHC, AUTOMOTIVE HOLDINGS GROUP LIMITED – ASX AHG, API FUND, MAZDA AUSTRALIA PTY LTD, CORE PROPERTY PTY LTD