TAXATION – GOVERNMENT POLICY – AUSTRALIA

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Federal bureaucrat Dr Martin Parkinson says Australia’s tax system is outdated and is adversely affecting the nation’s international competitiveness.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

House tax change may backfire: HIA

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Original article by Robert Harley
The Australian Financial Review – Page: 3 : 22-Sep-14

The Housing Industry Association (HIA) has argued against the dropping of negative gearing of investment real esate. In a research paper to be released on 22 September 2014, the HIA said that housing costs would be increased if negative gearing was reduced without changing other taxes. Critics of negative gearing claim that it increases the cost of housing. The report found that stamp duty was the largest tax distortion on housing

CORPORATES
HOUSING INDUSTRY ASSOCIATION LIMITED, INDEPENDENT ECONOMICS

Tax review urgent, warns Hendy

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Original article by Jacob Greber
The Australian Financial Review – Page: 4 : 16-Sep-14

The Australian Government has been urged to pursue a wide-ranging reform agenda. Liberal Party MP Peter Hendy has called for reforms to the tax industrial relations regimes. He argues that the domestic economy is vulnerable to a range of external shocks, particularly the uncertain outlook for the Chinese economy. He also says the Government should commence its review of the tax white paper immediately

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, RESERVE BANK OF AUSTRALIA, FINANCIAL INSTITUTIONS REMUNERATION GROUP INCORPORATED

Mining tax deal delays 12pc super until 2025

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 3-Sep-14

On 2 September 2014, the Australian Government finally succeeded in repealing the minerals resource rent tax in the Senate, after striking a deal with the Palmer United Party. The superannuation guarantee will now not be increased again from its current level of 9.5% until mid-2021. It will then reach the 12% target set by the previous federal government in its mining sector tax plans by 2025. Prime Minister Tony Abbott and Treasurer Joe Hockey says the Australian Labor Party could have averted the delay, which will reduce the retirement savings pool by $A128bn over 10 years, by supporting the repeal

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, PALMER UNITED PARTY, AUSTRALIA. DEPT OF FINANCE, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, INDUSTRY SUPER AUSTRALIA PTY LTD, FINANCIAL SERVICES COUNCIL, RIO TINTO LIMITED – ASX RIO, BUSINESS COUNCIL OF AUSTRALIA

Company tax uncompetitive

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Original article by Mark Ludlow, Jacob Greber
The Australian Financial Review – Page: 3 : 20-Aug-14

The Australian Government plans a 1.5 per cent reduction in the 30 per cent corporate tax rate by the end of 2014-15. However, economist John Edwards has called for a more aggressive reduction in the corporate tax rate in order to make the nation more competitive internationally. Switzerland’s company tax rate of just 18 per cent was a key factor in CSL’s decision to invest $A500m in a new factory in that country rather than Australia

CORPORATES
CSL LIMITED – ASX CSL, RESERVE BANK OF AUSTRALIA, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, GROUP OF TWENTY (G-20)

Swan admits MRRT revenue failure

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 19-Aug-14

The former Australian Government revealed details of its proposed Resources Super Profit Tax on 2 May 2010. However, a book written by ex-treasurer Wayne Swan shows that the mining sector was only told about plans for the tax several days earlier. Swan also notes that generous deductions granted to mining companies for investing in their mining operations were a major contributor to the lower-than-expected revenue from the minerals resource rent tax

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, XSTRATA AG