TAXATION – GOVERNMENT POLICY – AUSTRALIA

Big pressure to scrap small firms tax cut

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 24-Mar-15

The Council of Small Business Australia has urged the Federal Government to abandon a proposed 1.5 per cent tax cut for small businesses. CEO Peter Strong argues that the tax cut that has been proposed for the May 2016 Budget will do little to improve business confidence. The council instead favours the introduction of an accelerated depreciation rate of 150 per cent for the sector, a move which is also supported by several government MPs

CORPORATES
COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Hockey puts tax debate on hold

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 13-Feb-15

The Australian Government will issue its tax white paper after the release of its intergenerational report. Treasurer Joe Hockey said on 12 February 2015 that the intergenerational report will provide significant information about factors that are likely to affect Australia’s tax policy. The Government had originally planned to release the tax white paper before Christmas 2014

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Rethink call for two-tier tax

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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