CORPORATIONS – TAXATION – AUSTRALIA

Company tax cuts benefit all: OECD

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Original article by David Uren
The Australian – Page: 1 & 2 : 11-Jan-18

Treasurer Scott Morrison has signalled that company tax cuts will be a legislative priority for the Federal Government when parliament resumes in February. Labor, the Greens and Senate cross-benchers have previously opposed the Government’s push to provide tax relief for companies with turnover of more than $A50m. Meanwhile, a new study by the OECD has concluded that across-the-board corporate tax cuts result in increased business investment and "substantial" income gains for all wage and salary earners.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION LIMITED, NICK XENOPHON TEAM, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Slash tax or lose investors

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 21-Dec-17

A new analysis by the Treasury notes that since 2001 Australia has failed to respond to the global trend to reduce corporate tax rates. The Treasury briefing also cautions that Australian wages, investment, economic growth and the federal Budget will be adversely affected if federal parliament fails to reduce the company tax rate. The release of the Treasury analysis has coincided with the passage through both houses of Congress of US President Donald Trump’s tax package.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, REPUBLICAN PARTY (UNITED STATES), INTERNATIONAL MONETARY FUND, AUSTRALIAN LABOR PARTY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Trump set for business tax cut

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Original article by John Kehoe, Phillip Coorey
The Australian Financial Review – Page: 1 & 12 : 18-Dec-17

US President Donald Trump and the Republican Party are hopeful that his corporate and income tax package will be passed by legislators before Christmas. The package includes a cut in the US company tax to 21 per cent, to take effect from January. Japan has also announced that its company tax rate will be reduced from 30 to 20 per cent, but only for firms that increase local capital spending and boost wages. Meanwhile, Labor and some crossbenchers remain opposed to the Federal Government’s plan to reduce the tax rate for all Australian companies to 25 per cent over 10 years.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, REPUBLICAN PARTY (UNITED STATES), AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA, DEMOCRATIC PARTY (UNITED STATES), UNITED STATES. FEDERAL RESERVE BOARD, STRATEGAS RESEARCH PARTNERS LLC, TAX FOUNDATION

I’ve revived economy: Turnbull

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Original article by Phillip Coorey, Laura Tingle
The Australian Financial Review – Page: 1 & 4 : 12-Dec-17

Prime Minister Malcolm Turnbull say he hopes to have all of the states and territories signed up to the national energy guarantee by the middle of 2018. Turnbull also says that 2018 will see his government focus on the economy, including trying to get parliament to approve the rest of its corporate tax reduction program, as well as looking at the possibility of income tax cuts. He expects that there will be more to come concerning the scandal involving Labor’s Sam Dastyari.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA

Trump’s tax cut puts heat on Labor

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Original article by Andrew White, Cameron Stewart
The Australian – Page: 1 & 4 : 4-Dec-17

Australian business leaders have warned that jobs and investment will be at risk unless proposed changes to the corporate tax regime are implemented. Business Council of Australia CEO Jennifer Westacott says the US will attract more capital at the expense of Australia after the US Senate passed the tax package of President Donald Trump. The US corporate tax rate will be slashed from 35 per cent to around 20 per cent, prompting business groups to urge the Australian Labor Party and crossbenchers to support the proposal for an across-the-board reduction in Australia’s company tax rate to 25 per cent.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN LABOR PARTY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, PRICEWATERHOUSECOOPERS, UNIVERSITY OF SYDNEY. UNITED STATES STUDIES CENTRE, AUSTRALIA. DEPT OF THE TREASURY, REPUBLICAN PARTY (UNITED STATES)

Malcolm Turnbull flags tax cuts for low, middle-income earners

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Original article by Phillip Coorey
The Australian Financial Review – Page: Online : 21-Nov-17

Prime Minister Malcolm Turnbull canvassed the prospect of tax cuts for those on low and middle incomes during a speech to the Business Council of Australia on 20 November. However, he said any cuts did not mean the government was abandoning its commitment to return the budget to surplus, nor would they come at the expense of the remaining reductions to company tax that the government is still trying to get approved.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, DELOITTE ACCESS ECONOMICS PTY LTD

Tax cuts will unleash investment

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Original article by Andrew Tillett
The Australian Financial Review – Page: 1 & 7 : 20-Nov-17

Just over 80 per cent of companies taking part in a Business Council of Australia survey say they would increase investment if the corporate tax rate was cut to 25 per cent. Just under 75 per cent stated they felt a reduction in the tax rate would make them more competitive globally, while 70 per cent stated they would hire more staff. Prime Minister Malcolm Turnbull says the results of the survey shows the federal government’s plan to cut company tax is the correct one.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY

Our company tax to top world

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Original article by David Uren
The Australian – Page: 1 & 4 : 9-Nov-17

The tax rate for large Australian companies has remained unchanged since 2000, when it was reduced to 30 per cent. However, the average company tax rate in advanced countries has fallen from 32 per cent to just 24 per cent over the last 17 years. The Treasury has warned that Australia’s ability to attract business investment will be adversely affected if the nation fails to respond to plans by the US to slash its company tax rate, while Australia will also face lower growth in GDP and real wages. Business Council of Australia CEO Jennifer Westacott has urged a reduction in the company tax rate.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY

$30bn boost for PM’s tax reform plan

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 8-Nov-17

A new report from the Treasury has concluded that the Federal Government’s proposed $A65bn corporate tax cuts proposal would result in a total tax revenue gain of about $A30bn. The research paper estimates that reducing the company tax rate from 30 per cent to 25 per cent will increase the size of the domestic economy by more than one per cent over the long-term. The report also notes that the average company tax rate among OECD nations has fallen to 24 per cent, compared with 32 per cent in 2000, and it warns that Australia could face a permanent reduction in both GDP and real wages if it fails to take similar action.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Adani says Australia to get taxes despite haven

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Original article by Peter Ker
The Australian Financial Review – Page: 25 : 2-Nov-17

Adani executive Muthuraj Guruswamy has confirmed that its companies that are registered in Australia are controlled by entities that are based in tax havens. However, he has stressed that Adani will pay its full tax liabilities and mining royalties in Australia. Guruswamy also indicated that Adani has started building the infrastructure for its Carmichael coal mine, which is slated to commence production in 2020. Anti-coal protestors attempted to disrupt his speech at the International Mining and Resources Conference on 1 November.

CORPORATES
ADANI MINING PTY LTD, NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY