INCOME TAX – GOVERNMENT POLICY – AUSTRALIA

Tourism slams departure tax slug

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Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 4 : 28-Sep-16

Treasurer Scott Morrison says reducing the proposed backpacker tax from 32.25 per cent to 19 per cent will enhance Australia’s ability to compete with other countries that are popular with people on working holidays. The Federal Government will also reduce the application fee for working holiday visas in a bid to arrest a decline in such visas in recent years. The Tourism & Transport Forum has welcomed the move to reduce the backpacker tax, but it has criticised a proposed $A5 increase in the departure tax on outbound travellers.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, TTF AUSTRALIA LIMITED TOURISM AND TRANSPORT FORUM, TOURISM AUSTRALIA PTY LTD, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, NATIONAL PARTY OF AUSTRALIA

PM puts tax cuts on first day agenda

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Original article by David Crowe
The Australian – Page: 1 & 6 : 1-Jul-16

Prime Minister Malcolm Turnbull says the Coalition is a united team and is committed to implementing its economic plan. In his last major speech of the election campaign, Turnbull identified tax cuts for employees and small businesses as the Coalition’s top priority if it is re-elected. Industrial relations will also be a priority, including legislation to reinstate the Australian Building & Construction Commission. Turnbull also emphasised that a strong economy is essential for the delivery of government services such as healthcare and education.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. DEPT OF HUMAN SERVICES, AUSTRALIAN GREENS, FAIRFAX MEDIA LIMITED – ASX FXJ, IPSOS AUSTRALIA PTY LTD, VICTORIA. COUNTRY FIRE AUTHORITY, NATIONAL PRESS CLUB (AUSTRALIA)

Labor’s decade of 49pc tax

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 31-May-16

The Australian Labor Party will retain the Budget deficit levy on high-income earners for at least 10 years if it wins the federal election. The levy was intended to be phased out in mid-2017, and Labor has previously flagged keeping it in place beyond this date for an unspecified period. Labor intends to retain the levy in order to finance its healthcare funding. The Australian Greens also support retaining the levy and would most likely back legislation to extend it beyond 2017.

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

Morrison carves up super to fund business tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: B1-B2 : 4-May-16

The Australian Government forecasts that the Budget deficit will rise from $A37.4bn to $A39.9bn in 2015-16, while it expects the nation’s net debt to peak at 25.8 per cent of GDP in 2017-18. The May 2016 Budget outlines plans to progressively reduce the tax rate for all businesses to 25 per cent by 2026-27. Businesses whose turnover does not exceed $A10m will benefit from 1 July, when their tax rate will be reduced to 27.5 per cent. The Budget also includes changes to the tax regime for superannuation contributions and an increase in the $A80,001 income tax threshold to $A87,001.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA

Super curbs to top up women

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 2-May-16

The Australian Government’s May 2016 Budget will include a scheme that is similar to the Low Income Superannuation Contribution, which provides people on low incomes with a government co-contribution. Treasurer Scott Morrison says the "top-up" scheme will be funded via a reduction in superannuation tax concessions. The Budget will also include an increase in the $A80,001 income tax threshold in order to combat so-called bracket creep.

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

Double tax cut for best paid

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 26-Apr-16

People with annual income of more than $A180,000 will benefit from abolition of the temporary deficit levy and an increase in the $A80,001 income tax threshold in the Australian Government’s May 2016 Budget. The levy was introduced in the 2014 Budget and is slated to be abolished in 2017, although the Opposition has signalled that the levy may become permanent if it wins the election. Increasing the income tax threshold is aimed at combating so-called "bracket creep".

CORPORATES
AUSTRALIAN LABOR PARTY

Labor eyes tax hit on top earners

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Original article by David Crowe
The Australian – Page: 1 & 4 : 21-Apr-16

The Australian Government has ruled out extending the Budget deficit levy on high-income earners beyond 30 June 2017. However, the Opposition may consider retaining the levy on individuals whose annual taxable income exceeds $A180,000 if it wins the 2016 federal election. The levy is estimated to have raised about $A1.2bn each year since it was announced in the May 2014 Budget. Australian Greens Leader Richard Di ­Natale says the deficit levy should be permanent rather than temporary.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIAN TAXATION OFFICE, LIBERAL PARTY OF AUSTRALIA

States resist Turnbull offer to tax incomes

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 31-Mar-16

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison will discuss fiscal matters at a meeting with their state counterparts on 1 April 2016. Turnbull will propose a new intergovernmental taxation arrangement. The proposal includes a cut of about two percentage points in income tax rates and the introduction of an income tax surcharge by states and territories to compensate for the negative effects of the income tax cut on their tax revenues. The states are divided in their opinions on the proposal.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, COUNCIL OF AUSTRALIAN GOVERNMENTS, VICTORIA. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. NATIONAL COMMISSION OF AUDIT

Government revisits ‘backpacker tax’

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Original article by Jamie Freed
The Australian Financial Review – Page: 3 : 17-Mar-16

Tourism and International Education Minister Richard Colbeck says the Australian Government may reconsider elements of its proposed tax on people who hold working holiday visas. The so-called ‘backpacker tax’ is slated to take effect on 1 July 2016, and will abolish the tax-free threshold for temporary workers. Colbeck has conceded that changes may be necessary to avoid a shortage of staff in sectors such as tourism and hospitality.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, TOURISM AUSTRALIA PTY LTD, TTF AUSTRALIA LIMITED TOURISM AND TRANSPORT FORUM, NORTHERN TERRITORY. DEPT OF THE CHIEF MINISTER, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Lower taxes to wait for spending cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 5 : 16-Mar-16

Treasurer Scott Morrison has indicated that the Australian Government’s May 2016 Budget will include a reduction in superannuation tax concessions. However, he has warned that this measure will not be sufficient to finance a significant income tax cut. Morrison says a reduction in government spending rather than increasing other taxes is the best strategy in both the short- and long-term for reducing taxes.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY