INCOME TAX – GOVERNMENT POLICY – AUSTRALIA

‘Spending cuts must fund tax relief’

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Original article by David Crowe
The Australian – Page: 2 : 1-Mar-16

Federal Treasurer Scott Morrison has told a meeting of Coalition MPs of the need to reduce income taxes over the long-term, stressing that this must be achieved via spending cuts in the Budget. Meanwhile, backbenchers expressed concern about proposed changes to the negative gearing regime for property investors, with one MP warning that any such reforms will be rejected by the party room. Morrison also said Prime Minister Malcolm Turnbull is fully prepared to seek a double-dissolution election.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN LABOR PARTY

Spending spree hits tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 18-Feb-16

Treasurer Scott Morrison says that fiscal prudence will only allow for "modest" income tax cuts in the May 2016 Budget. The tax-free threshold of $A18,200 is unlikely to be raised. Only those earning more than $A80,000 a year could count on some tax relief.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE

PM scrambles for a tax policy

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 9-Feb-16

Treasurer Scott Morrison says tax reform will be included in the May 2016 Budget, although the Australian Government has backed down on its proposal to increase the GST. It will instead look at options such changes to superannuation tax concessions and reducing income tax rates via the abolition of tax deductions for work-related expenses. However, Morrison has ruled out making any changes to the negative gearing regime.

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

Federal tax reform labelled a ploy to force GST increase

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Original article by Phillip Coorey, Geoff Winestock
The Australian Financial Review – Page: 6 : 25-Jun-15

The Australian Chamber of Commerce & Industry supports a proposal to permit the states to introduce income taxes and set their own tax rates. It is one of the proposed measures outlined in a green paper on federation reform. The paper also proposes shifting responsibility for funding of schools and hospitals to the states. Victorian Premier Tim Pallas argues that this measure is aimed at persuading the states to support an increase in the scope or rate of the GST.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, VICTORIA. DEPT OF TREASURY AND FINANCE, NEW SOUTH WALES. THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF NEW SOUTH WALES

Spouses and doctors lose tax break

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 9-Jun-15

The Australian Government has secured the Opposition’s support to scrap the Dependent Spouse Tax Offset, a 2014 Budget measure that were blocked by the Senate. Abolishing the offset is expected to generate cost savings of around $A300m over four years. The Opposition is also expected to support the Government’s proposed changes to the fringe benefits tax concessions regime for meals and entertainment expenses.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, ABC RADIO, AUSTRALIAN GREENS, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Government urges FWC caution on minimum wage increase

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Original article by Ewin Hannan
The Australian Financial Review – Page: 4 : 31-Mar-15

Unions are seeking a $A27-per-week increase in Australia’s minimum wage. The Federal Government’s submission to the Fair Work Commission has broadly supported the view of employers that such an increase would result in job losses. The Government also notes that 61.5 per cent of people who take up a low-paying job tend to leave such positions within one year. Instead, it favours addressing income inequality via the tax-transfer system

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN LABOR PARTY

Cat out of bag on Labor taxes: PM

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Original article by Joe Kelly, Adam Creighton
The Australian – Page: 2 : 21-Jan-15

Australian Chamber of Commerce & Industry CEO Kate Carnell has proposed countering "bracket creep" by linking changes to income tax brackets to the inflation rate. This has also been suggested by Robert Carling of the Centre for Independent Studies. Meanwhile, shadow treasurer Chris Bowen has not ruled out tax increases to reduce the Budget deficit if the Australian Labor Party wins the next federal election. His comments have been criticised by Prime Minister Tony Abbott

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN LABOR PARTY, THE CENTRE FOR INDEPENDENT STUDIES LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA

ATO chasing multi dippers

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Original article by Nassim Khadem
The Australian Financial Review – Page: 10 : 14-Aug-14

The Australian Taxation Office (ATO) intends to crack down on taxpayers who engage in so-called "dividend washing". The tax agency issued warning letters in March 2014, which prompted some 1,300 recipients to make voluntary disclosures. It will shortly follow this up with further letters to taxpayers who failed to respond. The ATO has warned that taxpayers who ignore the letter could be audited and face large tax penalties

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY