TAXATION – GOVERNMENT POLICY – AUSTRALIA

Rethink call for two-tier tax

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Original article by Phillip Coorey
The Australian Financial Review – Page: 7 : 11-Feb-15

Employers’ groups have expressed concern about a proposal to reduce the corporate tax rate for small businesses while retaining the existing rate that applies to large companies. Australian Chamber of Commerce & Industry CEO Kate Carnell says businesses will face more red tape if the Federal Government implements a "two-tiered" corporate tax system. She has urged the Government to consult the business sector on the issue

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

ATO urged to stop valuations

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Original article by Nassim Khadem
The Australian Financial Review – Page: 9 : 20-Jan-15

A review of the Australian Taxation Office’s administration of valuation matters was issued by Assistant Treasurer Josh Frydenberg on 19 January 2015. The review, by Inspector-General of Taxation Ali Noroozi, proposed that valuation only be required "where it has the highest net benefit". Noroozi states that the valuation process has been innately subjective. One of the review’s nine recommendations is that businesses smaller than a certain size be exempt from undertaking valuations

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, BDO AUSTRALIA LIMITED, KPMG AUSTRALIA PTY LTD, CORPORATE TAX ASSOCIATION, AUSTRALIA. OFFICE OF THE INSPECTOR-GENERAL OF TAXATION

Change GST before next election, pleads business

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Original article by Joe Kelly
The Australian – Page: 2 : 9-Jan-15

John Osborn of the Australian Chamber of Commerce & Industry says a sweeping review of the tax system is needed, and has urged immediate action. The goods and services tax (GST) has been at the centre of recent debate on tax reform, but Peter Strong of the Council of Small Business of Australia has also called for reforms such as the reintroduction of the loss carry back scheme. The Australia Institute has suggested broadening the GST to include private health insurance and private schools

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, THE AUSTRALIA INSTITUTE LIMITED, AUSTRALIAN RETAILERS ASSOCIATION, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED, ASSOCIATION OF HEADS OF INDEPENDENT SCHOOLS

A Coalition that can’t agree

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Original article by Joanna Heath, Joanna Mather, Madeleine Heffernan
The Australian Financial Review – Page: 1 & 4 : 6-Jan-15

The Australian Government plans to release a white paper examining potential changes to the goods and services tax. However, the Western Australian Government remains opposed to GST reform unless there are changes to the methodology for distributing revenue from the tax to the states. A number of federal WA MPs are also in favour of GST reform, while KPMG chairman Peter Nash expects tax reform to be a key issue of debate in 2015

CORPORATES
KPMG AUSTRALIA PTY LTD, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. COMMONWEALTH GRANTS COMMISSION, AUSTRALIAN COUNCIL OF SOCIAL SERVICE

Reforms to cut through red tape

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Original article by Andrew White
The Australian – Page: 20 : 11-Dec-14

National Australia Bank’s Angela Mentis has suggested to the Federal Government that it could reduce red tape for small businesses by scrapping business activity statements. This is one of the recommendations that Mentis has made to the Minister for Small Business, Bruce Bilson. She argues that technology solutions could be used to assist small business owners to compile data for the monthly statements

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF INDUSTRY, AUSTRALIA. PRODUCTIVITY COMMISSION, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

Fears spur rethink on tax transparency

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Original article by Nassim Khadem
The Australian Financial Review – Page: 7 : 5-Dec-14

The Australian Government will consider concerns raised by privacy groups and wealthy individuals about the new tax disclosure laws. Under the changes, which will come into effect in July 2015, the Australian Taxation Office will publish information about the taxes paid by 1,600 public and private companies with $A100 million or more in annual turnover. Wealthy business owners oppose the new laws because they fear they could be kidnapped if criminals find out how wealthy they are

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, CLAYTON UTZ, ERNST AND YOUNG, APPLE INCORPORATED, GOOGLE INCORPORATED, LIBERAL PARTY OF AUSTRALIA, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, DELOITTE TOUCHE TOHMATSU LIMITED

Treasury: Tax stuck in the ’50s

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Original article by Patrick Durkin
The Australian Financial Review – Page: 8 : 4-Dec-14

Federal bureaucrat Dr Martin Parkinson says Australia’s tax system is outdated and is adversely affecting the nation’s international competitiveness. He argues that tax reform is essential as the tax regime has not changed significantly since the 1950s. The outgoing head of the Treasury says that reducing the personal and corporate rate rates in particular is needed. Meanwhile, business leader Tony Shepherd has called for changes to the GST

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. NATIONAL COMMISSION OF AUDIT, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD

IMF’s Lagarde backs GST rise

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 12 : 13-Nov-14

International Monetary Fund MD Christine Lagarde says the Australian Government should pursue tax reforms such as changes to the GST, but she stresses the need to ensure that the less well-off are not disadvantaged by any such reforms. Lagarde has also urged Australia to increase productivity and lift investment in the non-mining sectors of the economy. Lagarde has also praised Australia’s accomplishments during its presidency of the Group of 20

CORPORATES
INTERNATIONAL MONETARY FUND, GROUP OF TWENTY (G-20), AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER

Costello warns on GST change

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 29-Oct-14

The issue of the goods and services tax (GST) rate is again under scrutiny, with Prime Minister Tony Abbott renewing his push for tax reform. However, former treasurer Peter Costello believes that any change in the scope or rate of the GST should be conditional on the scrapping of other taxes, rather than merely being used to increase government revenue. Abbott says he will only proceed with changes to the GST if it is fully supported by the states

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Abbott puts GST hike on the table

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Original article by Laura Tingle, Simon Evans
The Australian Financial Review – Page: 1 & 4 : 27-Oct-14

Federal Opposition Leader Bill Shorten says he will oppose any push by Prime Minister Tony Abbott to increase the GST rate. Abbott has indicated that tax reform may be on the agenda for the next federal election, including an increase in the state governments’ indirect tax base. The states currently derive about $A54bn of their annual income from the GST, but some have urged a more equitable distribution of GST revenue

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET