TAXATION – AUSTRALIA

Dodgy ABN’s ‘key to crackdown’

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Original article by Joanna Mather
The Australian Financial Review – Page: 7 : 15-Dec-16

The Australian Government’s taskforce on the cash economy will release an interim report in March 2017. The taskforce will be led by Michael Andrew, who says the large number of Australian Business Numbers that have been issued but have never incurred a tax liability is a major concern. He has also flagged the potential to impose harsher penalties as part of the crackdown on the cash economy, and adds that the $A100 note would not be missed by most consumers if it were withdrawn from circulation.

CORPORATES
KPMG, SWINBURNE UNIVERSITY OF TECHNOLOGY, RESERVE BANK OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA

Business pushes PM on IR, tax

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Original article by Ben Potter, Ewin Hannan, Patrick Durkin
The Australian Financial Review – Page: 1 & 11 : 9-Dec-15

Business Council of Australia president Catherine Livingstone has used the Workplace and Productivity Summit to call on the Federal Government to pursue changes to the industrial relations and tax regimes. However, economist Ross Garnaut told the summit – which has been organised by "The Australian Financial Review" – that there is no need for tax cuts in sectors that face limited competition. GE Australia CEO Geoff Culbert and ACTU secretary Dave Oliver were among the other speakers during the first day of the summit.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, GE AUSTRALIA AND NEW ZEALAND, ACTU, AUSTRALIAN HUMAN RESOURCES INSTITUTE, SINGTEL OPTUS PTY LTD, AIRTASKER PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, FAIRFAX MEDIA LIMITED – ASX FXJ

10pc tax on financial services could mean higher house costs

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Original article by Joanna Mather
The Australian Financial Review – Page: 6 : 4-Nov-15

Ernst & Young’s Brad Miller says a proposal to impose a 10 per cent tax on margin-based financial services could result in home buyers being taxed twice. The tax initiative was proposed by ex-KPMG tax partner Michael Evans, and would apply to banks’ margin of profit on financial products such as mortgages. Miller notes that house buyers could potentially pay GST on both the home itself and the interest on their mortgage loan.

CORPORATES
ERNST AND YOUNG, KPMG AUSTRALIA PTY LTD, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, BDO AUSTRALIA LIMITED

Tax take for 2014-15 falls short by $9.4b

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Original article by Fleur Anderson
The Australian Financial Review – Page: 6 : 3-Nov-15

The Australian Taxation Office (ATO) collected $A336.8 billion in net tax in 2014-15. This figure is $A15.2 billion or 4.7 per cent higher than tax collected in 2013-14 but still $A9.4 billion, or 2.7 per cent, smaller than the amount expected on budget night in 2014. The ATO explained in its 2015 annual report that tax collections were negatively affected by lower growth in profits and wages.

CORPORATES
AUSTRALIAN TAXATION OFFICE

We can agree, say top leaders

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 : 27-Aug-15

The 30 per cent company tax rate made Australia uncompetitive, Rio Tinto MD Phil Edmands told the National Reform Summit in Sydney. Reserve Bank governor Glenn Stevens said changes to industrial relations also had to be looked at to help boost economic growth and employment. Professor Ross Garnaut suggested an economy-wide carbon price to pay down debt.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS, KPMG, RESERVE BANK OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA, ACTU, AUSTRALIAN COUNCIL OF SOCIAL SERVICE, RIO TINTO LIMITED – ASX RIO, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GRATTAN INSTITUTE

51pc top tax rate ‘is fairer’ than GST rise

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 21-Aug-15

State and federal treasurers will discuss fiscal issues at a meeting in Canberra on 21 August 2015. The Victorian Government will propose at the meeting to raise extra funds for public health through an increase in the Medicare levy by two percentage points. The federal Government wants to raise the goods and services tax (GST) rate by five per cent and reduce personal and corporate taxes at the same time. New South Wales and South Australia favour raising the GST rate from 10 per cent to 15 per cent and use the extra revenue on public health.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, VICTORIA. DEPT OF TREASURY AND FINANCE, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA

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

‘Kidnap’ exemption to be introduced to Parliament

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Original article by Joanna Mather
The Australian Financial Review – Page: 11 : 20-Aug-15

Assistant Treasurer Josh Frydenberg has convinced some crossbench senators to support legislation that will exempt about 1,000 private companies from revealing their tax affairs. Independent senator Nick Xenophon is the latest to agree to the "kidnap" exemption, so called because some owners of private companies fear they will be crime targets if their fortunes are revealed. With the Australian Labor Party and Australian Greens opposing the change, the government needs six of the eight crossbenchers to support its bill.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, TEYS BROS (HOLDINGS) PTY LTD, AUSTRALIAN TAXATION OFFICE, BUSINESS COUNCIL OF AUSTRALIA, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Treasurer gets no mail on exemptions

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Original article by Joanna Mather
The Australian Financial Review – Page: 8 : 13-Aug-15

The Australian Labor Party (ALP) says exempting private companies from publishing their tax affairs is a capitulation to the "big end of town" and has nothing to do with wealthy families fearing kidnapping. The ALP has used a Freedom of Information request to confirm no concerns were put by email or letter to senior ministers. Shadow treasurer Andrew Leigh says the government is proposing extra secrecy within the tax laws without a single person having written of any concerns.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, TEYS BROS (HOLDINGS) PTY LTD