TAX EVASION – AUSTRALIA

Treasury’s wine-tax rort guide

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Original article by Simon Evans
The Australian Financial Review – Page: 1 : 21-Aug-15

A rebate system introduced in 2004 to help small winegrowers in regional areas is being rorted by some unscrupulous operators, according to Assistant Treasurer Josh Frydenberg. The number of entities claiming wine equalisation tax (WET) credits in 2013-14 was 1967, about 100 more than in 2006-07. The Treasury estimates abuse of the so-called WET rebates is set to cost taxpayers $A350 million by 2016. Frydenberg has released a discussion paper and set up a panel of industry experts as he moves to reform the system.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, DE BORTOLI WINES PTY LTD, THE YALUMBA WINE COMPANY, FRASER GALLOP ESTATE, WINEMAKERS’ FEDERATION OF AUSTRALIA INCORPORATED

Coalition thinks corporate tax disclosure about right

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 11 : 20-Aug-15

The interim report of the Senate inquiry into corporate tax avoidance demonstrates philosophical differences between the Australian Government and the opposition parties. The Australian Labor Party and Australian Greens want more transparency, while the government thinks current disclosure rules are about right. The two government members of the committee, which is headed by Labor’s Sam Dastyari, believe a voluntary disclosure code strikes a balance between the need for transparency and the privacy and competitiveness concerns of business.

CORPORATES
AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, AUSTRALIAN LABOR PARTY, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN GREENS, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIA. DEPT OF THE TREASURY, RIO TINTO LIMITED – ASX RIO, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS, AUSTRALIA. BOARD OF TAXATION

Big projects could be hiding phoenix scams

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Original article by Aaron Patrick, Nick McKenzie
The Australian Financial Review – Page: 1 & 8 : 25-Aug-14

Construction is one of the sectors said to be plagued by contractors deliberately letting businesses fail only to resurrect them in a "phoenix" move, designed to avoid taxation and employee entitlement liabilities. The Australian Taxation Office, Australian Securities & Investments Commission and Fair Work Building & Construction have announced they will look into the issue at eight of the nation’s major infrastructure developments. The Australian Federal Police will then hand an evidence brief to the Commonwealth Director of Public Prosecutions

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. OFFICE OF THE FAIR WORK BUILDING INDUSTRY INSPECTORATE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, LEND LEASE GROUP LIMITED – ASX LLC, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, PRICEWATERHOUSECOOPERS, NATIONAL PARTY OF AUSTRALIA