Power, gas costs key to tax cut win

Original article by Rosie Lewis, Michael Roddan
The Australian – Page: 1 & 4 : 11-Jun-19

The Australian Conservatives’ Cory Bernardi is currently the only Senate crossbencher who supports the Coalition’s full income tax cuts package. Other crossbenchers have outlined their key demands in return for supporting the tax cuts. One Nation leader Pauline Hanson will push for the construction of at least one high-efficiency, low-emissions coal-fired power station, a royal commission into the family law system and the implementation of the Bradfield water-diversion scheme. Centre Alliance has also identified the high cost of gas and electricity as a key issue that needs to be addressed in return for its support.

CORPORATES
AUSTRALIAN CONSERVATIVES, ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Albanese’s team mulls Coalition’s full tax cut agenda

Original article by Richard Ferguson
The Australian – Page: Online : 4-Jun-19

Opposition Leader Anthony Albanese has indicated that Labor would be open to briefly reconvening parliament in June to pass the first stage of the Coalition’s proposed income tax cuts. He adds that Labor will consider the second and third stages on their merits. Labor is unlikely to decide whether to support the full package at its first post-election shadow cabinet meeting on 4 June. Shadow treasurer Jim Chalmers says Labor will review its tax policies in the wake of the election loss, but notes that a range of tax concessions cost a lot of money that could be better used elsewhere.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

We can withstand a downturn: Frydenberg

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 8-May-19

Treasurer Josh Frydenberg is confident that the Australian economy would be resilient in the event of a significant downturn in the global economy. Frydenberg notes amongst other things that the tax cuts in the April 2019 Budget will boost consumer spending and economic activity, and he believes that the Coalition’s policy settings are sufficient without having to pursue stimulatory measures such as bringing forward the full tax cuts package. Frydenberg also dismisses suggestions that legislating the tax cuts is the Coalition’s only real policy agenda.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, CENTRE ALLIANCE, NATIONAL PARTY OF AUSTRALIA, ADANI MINING PTY LTD

No guarantee for PM’s $158b income tax cuts

Original article by Phillip Coorey
The Australian Financial Review – Page: 7 : 8-May-19

The support of Senate crossbenchers may be crucial for the government to pass its signature tax cuts package if it wins the federal election. Centre Alliance has committed to supporting the first two stages of the tax cuts, although Senator Griff Stirling has indicated that the party may be open to backing the third stage. Senate aspirant Clive Palmer says his party’s support for the tax cuts is subject to several conditions. The government may have to split the tax bill to secure its passage through the upper house, given that Labor supports only the stage one tax cuts.

CORPORATES
CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Coalition to fast-track post-election tax cuts

Original article by Michael Roddan, Rosie Lewis
The Australian – Page: 6 : 9-Apr-19

Treasurer Josh Frydenberg says the timing of the election will not affect the federal government’s plans to provide tax relief via the low- and middle-income tax offset. He says that if the government wins the election, it will reconvene parliament in June to vote on its tax cuts so they can take effect from the start of the new financial year. A spokesman for the Australian Taxation Office stresses that the tax offset will only be available to taxpayers lodging their 2018-19 tax returns if the legislation is passed by 30 June.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Labor rules out $30b tax cuts

Original article by Phillip Coorey, John Kehoe
The Australian Financial Review – Page: 1 & 5 : 9-Apr-19

Labor will not implement the second and third stages of the federal government’s income tax cuts package if it wins the upcoming election. The third stage of the tax cuts is slated to take effect in mid-2024, and would introduce a flat rate of 30 per cent for all people with income of $45,000 to $200,000. The Parliamentary Budget Office’s costings show that the stage three tax cuts would cost about $147.2bn in the first five years. Shadow treasurer Chris Bowen says high-income earners would benefit the most from the stage three tax cuts.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GRATTAN INSTITUTE, MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Tax cuts will cost less because of productivity lift

Original article by Joanna Mather
The Australian Financial Review – Page: 5 : 5-Apr-19

John Humphreys of the Centre for Independent Studies says a key measure in the federal government’s April 2019 Budget will have limited net economic benefit. He argues that the proposed increase in the low and middle-income tax offset is unlikely to have much impact on productivity, output or economic growth. His analyses also suggests that the government’s tax cuts package will cost about $122bn over 10 years, compared with Treasury’s forecast of $158bn, as a lower marginal tax rate will encourage people to increase their taxable income.

CORPORATES
THE CENTRE FOR INDEPENDENT STUDIES LIMITED, AUSTRALIA. DEPT OF THE TREASURY, UNIVERSITY OF QUEENSLAND

Lack of company tax cut biggest gripe

Original article by Ben Butler, Joyce Moullakis, Damon Kitney
The Australian – Page: 24 : 4-Apr-19

Business Council of Australia CEO Jennifer Westacott has reiterated the need for corporate tax cuts in the wake of the April 2019 Budget. She has described Australia’s current two-tiered company tax system as "bizarre", and notes that other nations are reducing their corporate tax rate while Australia’s remains one of the world’s highest. Meanwhile, the Australian Retailers Association’s executive director Russell Zimmerman says consumer spending should receive an immediate boost from the federal government’s proposed increase in the low- and middle-income tax offset.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN RETAILERS ASSOCIATION, AUSTRALIAN BANKING ASSOCIATION, THE AUSTRALIAN INDUSTRY GROUP, SUNCORP GROUP LIMITED – ASX SUN, MYOB GROUP LIMITED – ASX MYO, MORTGAGE CHOICE LIMITED – ASX MOC, STOCKLAND – ASX SGP

Coalition to ram through budget tax cuts ahead of poll

Original article by Phillip Coorey, Andrew Tillett
The Australian Financial Review – Page: 1 & 6 : 2-Apr-19

Labor has indicated that it will not oppose tax cuts in the April 2019 Budget if they largely benefit people on low and middle incomes. Changes to the Low Income Tax Offset are expected to be among the tax reforms to be outlined in the Budget. The tax cuts and one-off cash payments to offset rising energy costs are likely to be put to parliament on 3 April, with a view to making it harder for Labor to repeal them if it wins the election. Opposition Leader Bill Shorten contends that Labor’s tax cuts package will be of more benefit to 10 million working Australians than the Coalition’s policy.

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

Tax cuts offset low wages: Libs

Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 25-Mar-19

The federal government’s April 2019 Budget is expected to include an election sweetener in the form of billions of dollars worth of income tax cuts, in addition to those that were legislated in 2018. Liberal senator Arthur Sinodinos says tax cuts that target low and middle-income earners will provide some relief from the rising cost of living until wages begin growing. However, shadow treasurer Chris Bowen argues that tax cuts are not a substitute for wages growth, adding that Labor’s policy will provide greater tax relief for people on low and middle incomes.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY