TAX INCENTIVES – AUSTRALIA

Call for tax breaks to put us on the big screen

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Original article by Leo Shanahan
The Australian – Page: 17 : 5-Jan-16

Australia’s uncompetitive tax rebate system for the film industry has prompted expatriate producer Andrew Banks to shot feature film "Submergence" in Germany, Spain and Kenya. Banks says the film could have been made in Australia if the tax incentives for local productions were more attractive. He notes that the tax breaks for the film industry are significantly higher in countries such as the UK, New Zealand and Canada.

CORPORATES
LILA 9TH PRODUCTIONS, NATIONAL INSTITUTE OF DRAMATIC ARTS, THE OLD TOTE THEATRE COMPANY, TEN NETWORK HOLDINGS LIMITED – ASX TEN, RATPAC ENTERTAINMENT

Innovation tax breaks could be rorted

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Original article by Ben Potter
The Australian Financial Review – Page: 9 : 21-Dec-15

The Treasury has downplayed concerns that the Australian Government’s proposed tax incentives for investing in business start-ups could be subject to abuse. Grattan Institute CEO John Daley recently warned that promoters of tax schemes will seek to capitalise on the measures in the Government’s innovation statement, but a Treasury spokesman says Australia boasts strong anti-avoidance laws.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, GRATTAN INSTITUTE, MELBOURNE ECONOMIC FORUM, AUSTRALIAN NATIONAL UNIVERSITY, INNOVATION AND SCIENCE AUSTRALIA, UNIVERSITY OF MELBOURNE, VICTORIA UNIVERSITY

Incentives eyed for downsizers

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Original article by Gretchen Friemann, David Uren
The Australian – Page: 6 : 20-Nov-15

The Australian Government has proposed measures aimed at reducing retirees’ dependence on the age pension by encouraging them to sell their family home and use the proceeds to invest in retirement products such as annuities. Measures being considered by Treasurer Scott Morrison include a stamp duty exemption for people who downsize to a smaller home and excluding the proceeds from the sale of a family home from the assets test for the age pension.

CORPORATES
AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. PRODUCTIVITY COMMISSION, COUNCIL ON THE AGEING, CHALLENGER LIMITED – ASX CGF, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES. THE TREASURY

Alarm bells for Aussie drama

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Original article by Michael Bodey
The Australian – Page: 29 : 2-Nov-15

Australia’s free-to-air commercial networks are increasingly relying on New Zealand dramas to meet local-content quotas. Screen Producers Australia CEO Matt Deaner and Screen Australia CEO Graeme Mason argue that the rules should be changed so NZ content does not qualify as first-run Australian drama. They have also called for the TV producer offset to be increased to 40 per cent.

CORPORATES
SCREEN PRODUCERS AUSTRALIA, SCREEN AUSTRALIA, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TEN NETWORK HOLDINGS LIMITED – ASX TEN, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS)

$100m boon in TV tax offset hike

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Original article by Dominic White
The Australian Financial Review – Page: 11 : 20-Oct-15

The Australian TV industry wants the tax offset for television production to be raised from 20 per cent to 40 per cent. PricewaterhouseCoopers estimates in a report prepared for the Australian Subscription Television & Radio Association and Screen Producers Australia that a 40 per cent tax offset would generate a net economic gain of $A103 million.

CORPORATES
PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, SCREEN PRODUCERS AUSTRALIA

Start-ups may avoid all capital gains tax

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Original article by Fleur Anderson
The Australian Financial Review – Page: 1 & 6 : 5-Oct-15

The Parliamentary Budget Office estimates that a proposal to abolish capital gains tax for investing in business start-ups would cost the budget about $A30m annually by 2018-19. A Federal Government taskforce is considering the proposal, which was put forward by backbencher David Coleman and had the support of former treasurer Joe Hockey. The tax break would apply to investments in companies that have been in business for less than two years and whose annual revenue is less than $A1m.

CORPORATES
AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NINEMSN PTY LTD, PUBLISHING AND BROADCASTING LIMITED, STARTUPAUS, KPMG AUSTRALIA PTY LTD

Super tax breaks ‘lurks for the rich’

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Original article by Joanna Mather
The Australian Financial Review – Page: 5 : 19-Aug-15

The Grattan Institute advocates a review of superannuation tax breaks, negative gearing and the capital gains tax discount which, the institute says, are used mainly by rich Australians. The institute states in a paper to be presented at the National Reform Summit that wealthy Australians do not need tax incentives; they would save for retirement without them.

CORPORATES
GRATTAN INSTITUTE, THE MENZIES RESEARCH CENTRE LIMITED, THE CENTRE FOR INDEPENDENT STUDIES LIMITED

‘Impact investors’ want tax breaks

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Original article by Sally Rose
The Australian Financial Review – Page: 20 : 9-Jun-15

STREAT provides training for about 125 disadvantaged people in Victoria each year. The social enterprise will be able to train 250 people each year when its new hospitality training facility in Melbourne is completed in around 18 months’ time. Social Ventures Australia, which helped to negotiate an $A2.5m loan for STREAT, has urged the Australian Government’s tax inquiry to provide tax breaks for so-called social impact investments.

CORPORATES
STREAT LIMITED, SOCIAL VENTURES AUSTRALIA LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Tax breaks to lift borrowing

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Original article by Clancy Yeates
The Australian Financial Review – Page: 18 : 18-May-15

The Commonwealth Bank of Australia (CBA) expects more small businesses to take out loans as a result of the Australian Government’s May 2015 Budget. CBA’s Clive van Horen says the $A5.5bn small business package should boost the confidence of small businesses and provide them with the incentive to invest in new equipment. However, TS Lim of Bell Potter says that even with the tax breaks, many small businesses will be reluctant to increase their debt.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BELL POTTER SECURITIES LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Aussie John: end super tax perks to save us

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Original article by Jacob Greber, Samantha Hutchinson
The Australian Financial Review – Page: 1 & 6 : 23-Feb-15

Data from the Department of the Treasury suggests that superannuation tax concessions cost about $A30bn a year. There is a growing push for these tax breaks to be scaled back or abolished, particularly for people with significant savings. Aussie Home Loans founder John Symond suggests that some wealthy people may be exploiting the super system. The Association of Superannuation Funds of Australia has also urged action to address the issue in its pre-Budget submission

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSSIE HOME LOANS LIMITED, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, GRATTAN INSTITUTE, UNIVERSITY OF CANBERRA. NATIONAL CENTRE FOR SOCIAL AND ECONOMIC MODELLING