POLITICAL PARTIES – AUSTRALIA – PLATFORMS

‘No quick fix’ in tax plan for family trusts

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Original article by Joanna Mather
The Australian Financial Review – Page: 5 : 27-Jul-17

There is speculation that Opposition Leader Bill Shorten will propose subjecting family trusts to the same tax regime as companies. However, Bob Deutsch of the Tax Institute has questioned the merits of such a strategy, arguing that the dividend imputation system means that some beneficiaries of a trust would entitled to a full refund of the taxes paid. The recommendations of the Ralph Review of Business Taxation in 1999 included taxing trusts in the same way as companies.

CORPORATES
AUSTRALIAN LABOR PARTY, THE TAX INSTITUTE, KPMG AUSTRALIA PTY LTD, GREENWOODS AND HERBERT SMITH FREEHILLS PTY LTD

Labor won’t abolish trusts, just tax them

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 26-Jul-17

Shadow treasurer Chris Bowen says the Australian Labor Party will still allow people to use trust structures if it wins the next federal election. However, Labor will crack down on the use of trusts as vehicles to reduce tax liabilities, although there are concerns that its measures could mainly affect users of trusts such as farmers and small businesses. Treasurer Scott Morrison says there are many legitimate reasons for using a trust.

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

Labor’s inequality claim a ‘lie’: Morrison

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 25-Jul-17

Opposition Leader Bill Shorten has indicated that addressing rising inequality will be one of Labor’s main goals if its wins the next federal election. However, Treasurer Scott Morrison has rejected claims by Labor that inequality is on the rise, noting that the last census indicated that income inequality is actually declining. Nonetheless, Morrison does concede that not everyone may feel that they are getting the benefits of Australia’s 25-plus years of continued economic growth.

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

Labor extends bank probe to regulators

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 25-Jul-17

Shadow treasurer Chris Bowen will reveal on 25 July 2017 that Labor will review agencies that are involved in the regulation of the financial services sector if it wins the next federal election. He will speak at a meeting of the Financial Services Council, with Labor’s proposed review to be on top of its promised royal commission into the banking sector. The growing emergence of fintech and increased household debt are two of the reasons why Bowen will state that a review of financial services regulation is warranted.

CORPORATES
AUSTRALIAN LABOR PARTY, FINANCIAL SERVICES COUNCIL, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. COUNCIL OF FINANCIAL REGULATORS

Left push widens ALP asylum split

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Original article by Troy Bramston
The Australian – Page: 1 & 4 : 21-Jul-17

The left faction of the New South Wales branch of the Australian Labor Party will seek to have its current asylum-seeker policy abolished at its upcoming state conference. The left faction wants federal Labor to back the immediate closure of the Manus Island and Nauru detention facilities, with all their occupants to be moved to mainland Australia for processing. Labor’s opposition spokesperson for border protection and immigration Shayne Neumann is strongly against the proposal.

CORPORATES
AUSTRALIAN LABOR PARTY, SUPREME COURT OF PAPUA NEW GUINEA

ALP left seeks to lift taxes, boost the ‘right to strike’

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Original article by Troy Bramston
The Australian – Page: 1 & 4 : 20-Jul-17

Industrial relations and taxation will be on the agenda of the Australian Labor Party’s national conference in late July. The left faction of New South Wales Labor will push for the party to endorse a range of workplace reforms, including the right to strike, secondary boycotts and pattern bargaining. Other policies to be advocated by the left faction include the introduction of a universal basic wage­, an increased tax rate for high income earners and a national­ inheritance tax.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN RAIL, TRAM AND BUS INDUSTRY UNION

Fifield warns ALP on job losses

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Original article by Rosie Lewis
The Australian – Page: 24 : 10-Jul-17

Communications Minister Mitch Fifield has urged the Australian Labor Party to support cross-media ownership reforms, arguing that there is unanimous support within the media industry for change. Labor continues to oppose abolition of the "two-out-of-three" rule, and communications spokeswoman Michelle Rowland says the reforms would have been passed by Parliament long ago if the Government had dropped this aspect of its media package.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIAN GREENS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED – ASX FXJ, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, WIN CORPORATION PTY LTD, PRIME MEDIA GROUP LIMITED – ASX PRT, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, FREE TV AUSTRALIA LIMITED, COMMERCIAL RADIO AUSTRALIA LIMITED

Union backs new media plan

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Original article by Rosie Lewis
The Australian – Page: 2 : 7-Jul-17

Senator Nick Xenophon has proposed a range of measures aimed at preserving media diversity in talks with Communications Minister Mitch Fifield regarding cross-media ownership reforms. Media, ­Entertainment & Arts Alliance CEO Paul Murphy has welcomed Xenophon’s proposal to provide tax breaks for small and regional publications. Abolition of the "two-out-of-three" rule remains a stumbling block for the Federal Government, with continued opposition from the Australian Labor Party and One Nation.

CORPORATES
MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, AUSTRALIAN GREENS, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN WEST MEDIA LIMITED – ASX SWM, WIN CORPORATION PTY LTD, FACEBOOK INCORPORATED, GOOGLE INCORPORATED

Labor to embrace free-trade agenda

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Original article by Greg Sheridan
The Australian – Page: 5 : 6-Jul-17

The Australian Labor Party’s foreign affairs spokeswoman Penny Wong will warn against any push toward protectionist trade policies in a Lowy Institute speech on 6 July. Wong will stress Labor’s commitment to open trade and globalisation, arguing that trade barriers are not in the nation’s interests. She will also highlight the importance of Australia’s long-standing alliance with the US and the need to further strengthen the relationship between the two nations. Establishing closer ties with Asia will also be a feature of Labor’s foreign policy.

CORPORATES
AUSTRALIAN LABOR PARTY, LOWY INSTITUTE FOR INTERNATIONAL POLICY

Bid to break media deadlock

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Original article by Rosie Lewis
The Australian – Page: 5 : 5-Jul-17

Abolition of the "two-out-of-three" rule remains a major stumbling block for the Federal Government’s cross-media ownership reforms. However, Senator Nick Xenophon says the key issue is the need to ensure that diversity of media voices is increased and the industry creates and retains more jobs for journalists. The Nick Xenophon Team will propose a range of measures aimed at safeguarding media diversity, in a bid to resolve the impasse in the Senate.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, GOOGLE INCORPORATED, FACEBOOK INCORPORATED